HOUSTON--(BUSINESS WIRE)--The CapStreet Group, LLC has completed the majority recapitalization of CRS Texas and its affiliated businesses to form CRS Solutions (“CRS” or the “Company”). CapStreet is partnering with existing shareholders Brian Smith and Matt Hoeg who will continue to lead the business under the CRS name as Chief Executive Officer and President, respectively.
Founded in 1972 and headquartered in Houston, Texas, CRS is a technology-enabled provider of comprehensive point-of-sale (“POS”) solutions to established single and multi-unit operators in the restaurant, retail, and other hospitality end markets. CRS delivers its highly customized front-of-the-house technology solutions through a recurring service and solutions model for merchants who have complex service needs.
“We are excited to partner with the CapStreet team. They have a track record of success in building strong business service companies and will be critical in providing resources to help us continue to grow,” said Brian Smith. “We believe our partnership with CapStreet will build on the legacy of innovation and customer service CRS is known for and will position us extremely well for geographic and market expansion,” added Matt Hoeg.
Neil Kallmeyer, a Managing Partner with CapStreet, commented, “Brian, Matt, and the rest of the CRS leadership team have a long history of success, and we think CRS is well positioned to capitalize on a growing and evolving industry. We are excited to partner with this team.” Adrian Guerra, a Principal with CapStreet, added, “CRS has built a highly recurring business focused on customer service and we look forward to pursuing new organic growth initiatives and continuing CRS’s successful acquisition strategy.”
CRS is the sixth investment for CapStreet IV, LP, which has $340 million of committed capital.
The CapStreet team for the CRS investment also included Kevin Johnson and Natalie Masin.
Willkie Farr & Gallagher LLP served as CapStreet’s legal counsel, while Theodore J. Lee, Esq. served as CRS’s legal counsel.
About The CapStreet Group
The CapStreet Group is a Houston, Texas based private equity firm that invests in owner-managed, lower middle market companies. CapStreet targets companies operating in the value-added distribution, industrial services and manufacturing, and business-to-business service sectors. CapStreet’s approach is to partner with excellent management teams to build out corporate infrastructure, accelerate growth and profitability, and create long-term sustainable businesses. For more information, visit The CapStreet Group website, www.capstreet.com.