8-07-2024 4:48am

LUTHERVILLE FIRM

Parkway Capital Invests in Wisconsin Custom Fabricator Heiden

Andrew John, Drexel Knight and Christopher Pope

Lutherville, Md.-based Parkway Capital, a mezzanine unit of Calvert Street Investment Partners, said it has made an investment in Wisconsin-based Heiden, which provides custom metal fabrication services, and its subsidiary, JPF Paint Finishes.

The transaction was led by Tightrope Capital Partners, which partnered with senior management to recapitalize the company. Parkway, along with Callodine Strategic Credit, bought subordinated debt and equity.

Founded in 1958, and headquartered in Manitowoc, Wis., Heiden provides custom metal fabrication services, including welding, laser cutting, stamping, drilling, bending and assembly. Its subsidiary, JPF Paint Finishes, provides industrial wet paint, powder coat, and media blasting.

Calvert Street Investment Partners, which also has offices in Newton, Mass., operates two units — Parkway Capital, which provides flexible junior capital solutions to lower-middle market companies, and Crescentia Capital, which is in private equity.

Parkway Capital, which makes mezzanine debt and minority equity investments of between $3 million and $12 million per transaction. Typically, it invests in companies with $10 million in annual revenue and $2 million of EBITDA. Since its inception, Parkway Capital has invested over $500 million. It has a portfolio of over 70 companies spanning manufacturing, distribution, consumer products, business and industrial services, and healthcare.

Andrew John, Drexel Knight and Christopher Pope serve as Parkway Capital’s partners. John is also a member of Calvert Street’s Executive Leadership Committee. Andrew Silverman, formerly of Capital Resource Partners, serves as Parkway Capital’s managing director.