FOR IMMEDIATE RELEASE :
Blackford Capital Announces Acquisition of Industrial Piping, Inc.
June 18, 2008 – IRVINE, CALIFORNIA – Blackford Capital, a leading U.S. private equity firm in the middle market, announced today that it
closed its acquisition of Industrial Piping, Inc. (www.goipi.com).
Industrial Piping, Inc. (“IPI”) is one of the leading mechanical construction, fabrication, and fire protection companies in the Southeast. IPI was
founded in December 1945. Headquartered in Pineville, North Carolina, the company is divided into three operating divisions: Process
Mechanical Construction, Automatic Fire Protection Systems and Custom Fabrication of Vessels and Skid Mounted Process Equipment. IPI
serves industrial and commercial enterprises in the chemical, oil and gas, food / agricultural, poly silicon, and other industries. IPI is an
industry leader in design build work.
"Industrial Piping is already a leader in each of its business lines, having combined design, engineering, quality, and service with solid
customer relationships," said Tony Kiehn, Managing Director, Blackford Capital. "The company is on the leading edge of design­build efforts in
the mechanical construction and fabrication industries, making this one of the more exciting acquisitions we have ever made. We are long­
term, value investors and IPI fits perfectly into our strategy."
Mike Jones, President and CEO of IPI, said, “Blackford Capital can help provide IPI with the resources and strategic direction needed to
develop our business and seize additional market opportunities, enabling us to reach critical mass and play a top­tier role in the global
market."
Javier Aguirre, Principal of SPP Mezzanine Partners, said, “We’re excited to partner with Blackford Capital and the team at IPI on this
transaction. We believe IPI is well positioned to capitalize on the opportunities ahead in design­build mechanical construction and fabrication,
and we believe Blackford Capital’s hands­on approach to building value at their portfolio companies will help IPI achieve its potential and make
this a very successful transaction. Robertson & Foley initiated, negotiated, and acted as financial advisors to Industrial Piping, Inc. on this transaction. Michael McGregor,
Managing Director of Robertson & Foley said, “Blackford Capital is that hands­on, actively­involved, problem­solving private equity firm one
often hears about but rarely finds. They are the perfect partner for IPI at this stage.”
The acquisition was financed with equity from Blackford Capital, mezzanine debt from SPP Mezzanine Partners, and senior debt from RBC
Bank.
About Blackford Capital Founded in 2000, Blackford Capital is a private equity firm focused on acquiring controlling interests in mature and growing businesses which
can benefit from the firm's operating experience and flexible capital base. The firm combines the operational expertise and detailed due
diligence capabilities of a strategic buyer with the seasoned M&A team of a traditional financial buyer. Blackford Capital has become a
successful firm in the middle market having demonstrated over time a reliable track record of creating substantial value in its portfolio
companies alongside management. The firm currently has 6 portfolio companies, and its directors have 7 exits. Blackford Capital maintains
offices in Irvine and San Francisco, California. For more information, please visit www.blackfordcapital.com.
About Industrial Piping, Inc. Industrial Piping, Inc. (“IPI”) is one of the leading mechanical construction, fabrication, and fire protection companies in the Southeast. IPI was
founded in December 1945. Headquartered in Pineville, North Carolina, the company is divided into three operating divisions: Process
Mechanical Construction, Automatic Fire Protection Systems and Custom Fabrication of Vessels and Skid Mounted Process Equipment. IPI
serves industrial and commercial enterprises in the chemical, oil and gas, food / agricultural, poly silicon, and other industries. For more
information, please visit www.goipi.com.
About SPP Mezzanine Partners SPP Mezzanine Partners (“SPP Mezzanine”) is a privately­held investment management firm founded in 2003 to provide growth capital,
including equity and subordinated debt, to finance leveraged and management buyouts, growth capital financings (internal growth and
acquisitions), and recapitalizations. SPP Mezzanine seeks to invest in established small and middle market companies with proven business
models and stable cash flows. SPP Mezzanine targets companies with strong, committed management teams and the potential for significant
growth in equity valuation.
About RBC Bank RBC Bank, headquartered in Raleigh, N.C., offers a wide range of financial services and advice to individuals, businesses and public
institutions throughout the Southeast. RBC Bank’s network includes 440 full­service banking centers, an extensive ATM network and
telephone and online banking. RBC Bank is the 40th largest U.S. bank by consolidated assets, according to the Federal Reserve Statistical
Release June 30, 2008. RBC Bank is a wholly­owned subsidiary of Royal Bank of Canada (RBC) (RY on the TSX and NYSE), Canada's
largest and most stable bank as measured by assets and market capitalization. Global Finance Magazine named RBC the best bank in
Canada in October 2008, and the safest bank in Canada for 10 consecutive years, from 1999­2008. RBC is also one of the world’s financial,
social and environmental corporate leaders for the past eight years as on the Dow Jones Sustainability World Index. Additional information
about RBC Bank may be found at www.rbcbankusa.com.
About Robertson Foley Robertson & Foley provides sophisticated financial solutions to middle market companies located throughout the world. These services
include advising on business transfers, capital raises, and management buyouts. The firm’s clients tend to be privately held, with sales
volumes of between $10 and $200 million. Its transactions are usually of a highly personal nature and require absolute confidentiality and the
highest level of business ethics. For more information, please visit www.robertsonfoley.com.
For more information, please contact:
Blackford Capital
Industrial Piping
Martin Stein, Managing Director
Mike Jones, President
mstein@blackfordcapital.com
9245 Research Dr
Irvine CA 92618
mjones@goipi.com
800 Culp Road P.O. Box 518
Pineville, NC 28134
(949) 334­0374
(800) 951­0988
SPP Capital
RBC Bank
Javier Aguirre, Principal
Lisa Lane, Commercial Banker
jaguirre@sppmezzanine.com
11350 Random Hill Road
Suite 800
lisa.lane@rbc.com
200 Providence Rd Ste 300
Charlotte NC 28207
Fairfax, VA 22030
(704) 852­5637
(703) 279­6408
Robertson Foley
Michael McGregor, Managing Director
michael@robertsonfoley.com
14825 John J. Delaney Drive
Ballantyne Village, Suite 240­4
Charlotte, NC 28277
(704) 369­5900
Blackford Capital, LLC. 9245 Research Drive, Irvine, CA 92618
T: (949) 334­0374 | F: (949) 334­0375 | email: info@blackfordcapital.com | www.blackfordcapital.com