NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Excelsior Capital Partners in the third quarter provided a $20 million mezzanine facility to California TrusFrame, LLC (CTF) in conjunction with a $30 million senior credit facility furnished by senior lenders.
Based in Riverside, California with strategically located plants that serve clients in California, Nevada and Arizona, CTF is a leading manufacturer of roof trusses, floor trusses and wall components for commercial, residential and multi-family construction. Excelsior’s investment in the company supplies the necessary capital for the company to purchase equipment, fund working capital growth, pursue new business ventures and expand into new markets.
“CEO John Hanna and his team have done an excellent job leading the company through one of the most challenging housing construction cycles in history,” said Ravi Bhagavatula, Managing Partner of Excelsior Capital Partners. “In a market where competitors were closing their doors, CTF positioned itself for future growth by investing in new processes and developing cutting-edge technologies that would set them apart from others in the industry.”
CTF’s products are developed by an experienced professional staff of registered engineers and architects, enabling complete in-house design capabilities and fast turnaround of fully engineered truss packages. With the recent addition of CTF’s Smart Components, CTF now offers cutting-edge pre-fabricated wall segments that greatly resist lateral force, drastically reduce build times, and provide architects and engineers a substantial increase in design flexibility over traditional wall segments. To accelerate the adoption of Smart Components, a portion of Excelsior’s investment will be used to provide training and job site assistance to framing companies utilizing Smart Components and other CTF products.
“We are very excited about the prospects of partnering with Excelsior,” said Hanna. “It will allow us to expand our operations and take advantage of the recovery that the housing market is currently experiencing.”
“As the economy continues modest recovery, we expect to see a strong demand for homeownership as buyers who have been competing with investors and facing an extreme shortage of available housing return from the sidelines,” added Steve Emerson, Principal at Excelsior Capital Partners.
About Excelsior Capital Partners
Excelsior Capital Partners invests in distressed debt, special situations and specialty lending opportunities in commercial real estate and operating companies. Seasoned investment professionals in their Newport Beach, California, and Denver, Colorado offices work closely with business owners, management teams and lenders to develop creative financial and operational solutions in both control and non-control situations.
The firm is affiliated with Perella Weinberg Partners Asset Based Value Strategy, a leading alternative asset management strategy that invests in targeted real and financial asset-based opportunities and has grown to manage approximately $2.1 billion in equity capital since its inception in 2008.
