Farragut Invests in Salisbury Moore

CHEVY CHASE, MD – Farragut Capital Partners ("the Firm"), NewSpring Mezzanine (NewSpring), and Salem Investment Partners (Salem) have invested subordinated debt and equity in support of Progress Equity Partners’ recapitalization of Salisbury Moore, a leading hotel renovation company.

Founded in 2005 and headquartered in Raleigh, North Carolina, Salisbury Moore provides renovation and remodeling services for hotel brands across the U.S.  The company also renovates municipal and commercial properties for state agencies and local governments.  Salisbury Moore’s ability to provide high quality renovation services at scale and proactively address its customers’ challenges has made it a trusted partner to institutional hospitality investment groups and project management firms.

The current management team will continue to lead Salisbury Moore, and the investment will enable the company to continue its impressive growth.

“Throughout our history, we’ve focused on providing the highest levels of service and construction expertise producing superior outcomes for our hospitality customers,” said Salisbury Moore President Andrew Harvick.  “This has led to extraordinary results for our business and our customers.  We’ve found amazing partners in Progress Equity, NewSpring, Farragut, and Salem that can provide capital and guidance to take our business to new heights.”

“Andrew and the team have done a tremendous job growing Salisbury Moore into a national renovation leader with a growing customer base of some of the largest hotel brands in the world,” said Steve Sangalis, Partner at Progress Equity Partners.  “We see plenty of room for continued growth for this business and are excited to work alongside Andrew and his team to help facilitate the company’s continued expansion.”

“We’re excited to announce our investment in Salisbury Moore and to partner with Progress for a second time,” said Javier Aguirre, Managing Partner of Farragut.  “The company is well-positioned to enter a new era of growth under strong leadership and industry acumen as it becomes the premier renovations provider in its vertical.”

For more information on Salisbury Moore, please visit www.salisburymoore.com