CHEVY CHASE, Md. – Farragut Capital Partners, LLC (“Farragut”) is pleased to announce the closing of an investment in T&B Equipment Co., Inc. (“T&B” or “the Company”). Founded in 1977 and based in Ashland, Va., T&B is a provider of temporary seating and structures with a strategic focus on professional golf tournaments. The Company has longstanding relationships with individual event hosts and organizers to supply hospitality suites, general seating, and other structural equipment to the PGA Tour and the Champions Tour, as well as camera towers to NBC and Golf Channel. The Company also provides equipment for other professional, country club, collegiate, and high school sporting events. T&B is a second-generation business with additional facilities in Phoenix, Ariz. and Orlando, Fla.
Farragut invested an undisclosed amount of subordinated debt to refinance existing debt and to fund growth initiatives at the Company, which recently expanded the scope of its business with Golf Channel. “As the leading supplier of structures to the PGA Tour, T&B has earned a strong reputation for quality service and execution in the industry,” said Javier Aguirre, Partner of Farragut. “We look forward to supporting their continued growth in the years to come.”
About Farragut Capital Partners
Founded in 2011, Farragut Capital Partners is a private investment management firm providing mezzanine debt and equity capital to finance leveraged buyouts, generational transfers, growth capital financings, and recapitalizations. Its latest investment vehicle, Farragut Mezzanine Partners III, LP, held its final close in July 2013. Farragut seeks to invest up to $10 million in established middle-market companies with proven business models and consistent cash flows. The firm targets companies with strong, committed management teams and the potential for significant growth in equity value.
Farragut specializes in asset-light businesses with unique and defensible market positions, stable business models, and reasonable capital expenditure and working capital needs. The firm works with private equity groups, independent sponsors, senior lenders, and directly with owners and management teams to create and build value in its portfolio companies over time.