Seacoast Capital Announces Exit from Stone Road Energy


BOSTON, April 16, 2019 (GLOBE NEWSWIRE) -- Seacoast Capital (“Seacoast”) today announced an exit from its investment in Stone Road Energy (“Stone Road”), a growing New England regional distributor of commercial and residential heating oil and propane. Seacoast originally invested subordinated debt and preferred equity with warrants in the Company in support of its acquisition of PitStop Fuels. Seacoast exited its Stone Road investment through a sale to a strategic acquirer and operator of propane and fuel distribution assets.

Since originally partnering with Seacoast, Stone Road successfully elevated its core management team, hiring an industry leading COO as well as experienced regional managers; negotiated more attractive supplier agreements; and built on its solid track record of identifying, acquiring and implementing bolt-on opportunities, completing two acquisitions to accelerate the growth of its services business. Seacoast also provided a second growth capital investment in support of the Company’s investments in infrastructure, which supported Stone Road’s rapid acceleration in propane customer acquisitions.

Bill Overbay, Managing Partner at Stone Road, stated: “Working with the Seacoast team has been great. Right out of the gate we were presented with a number of strategic opportunities regarding our business. Seacoast was supportive and insightful throughout, but always allowed us and management to run our business the way we wanted. It would be great to be able to work with them again.”

Alan Rich, a Vice President with Seacoast Capital, commented: “We are really pleased with the progress that Stone Road has made and believe it is well positioned for continued success. Today, Stone Road is better positioned to support its existing customers and to capitalize on attractive growth opportunities. We wish Bill, Mark, Mike, and the rest of the Stone Road team the best.”

Tom Gorman, a Partner with Seacoast Capital, added: “We couldn’t be happier for Bill and the rest of the Stone Road team as they pursue the next chapter in the Company’s growth. We wish Stone Road the best as they pursue further geographic and service line expansions.”

About Seacoast Capital

Founded in 1994, with offices in Boston, MA and San Francisco, CA, Seacoast Capital invests non-control growth capital in partnership with management in lower middle market private companies. Seacoast is industry agnostic and typically invests $5 million to $25 million of capital in companies with $10 million or more in revenue and $2 million or more of EBITDA. Capital is used to support growth, acquisitions, family ownership and wealth transfers, refinancings, shareholder liquidity events, and partnership or management buyouts. Geographically, Seacoast invests anywhere in the United States. Since its inception, Seacoast has managed over $600 million of capital, which the firm has invested in 74 non-controlling transactions. Now managing its fourth fund, Seacoast Capital Partners IV, L.P., the firm continues to actively seek new investment opportunities. Learn more by visiting www.seacoastcapital.com.           

Contact:
Philip Curatilo
Seacoast Capital
pcuratilo@seacoastcapital.com
978-750-1319