Triangle Capital Corporation (Nasdaq:TCAP) (“Triangle” or the “Company”), a leading specialty finance company that provides customized financing solutions to lower middle market companies located throughout the United States, announced Feb. 11 that it closed a $3.8 million subordinated debt and warrant investment in Inland Pipe Rehabilitation Holding Company (“Inland Pipe”), according to the Globe Newswire.
Triangle’s investment was made in support of an acquisition and represents the Company’s second investment in Inland Pipe. In June, 2008, Triangle invested $8 million in subordinated debt and received a warrant to purchase up to 2.5 percent of Inland Pipe’s membership interests. Inland Pipe provides maintenance, inspection, and repair for piping, sewers, drains, and storm lines by utilizing several of the industry’s leading technologies including pipe bursting, cured-in-place-pipe, and spiral wound piping.
“Inland Pipe continues to outperform our expectations. This investment represents a great opportunity to re-deploy cash proceeds from a few, small portfolio company repayments while simultaneously providing Triangle the opportunity to provide additional growth capital to an existing portfolio company. Aging sewer and pipe infrastructure in major municipalities throughout the U.S. continues to require repair, maintenance and replacement. We continue to be impressed by Inland Pipe’s growth, management expertise, technological capabilities, and strategic business opportunities,” commented Garland S. Tucker, III, President and Chief Executive Officer of the Company.
About Triangle Capital Corp.