Vancouver, B.C. July 18, 2006 - Second City
Capital Partners buys U.S. Pipeline Construction Firm
Second City
Capital Partners, a leading Canadian private equity
fund, announced today that it had acquired a majority
stake in Rockford Corporation a leading pipeline
construction firm based in Oregon with operations in
California and Washington. Current management was also
involved as a significant equity participant in the
transaction, financial terms for which were not
disclosed.
Founded by
Lemmie Rockford over 40 years ago, Rockford is a well
known pipeline contractor with experience in difficult
pipeline projects at diameters up to and including 42
inches. These projects have been located in regions
across the Western United States, Alaska and into Texas
and New Mexico. Rockford is very active in the pipeline
rehabilitation segment and has long term “evergreen”
maintenance contracts as well as operating a oil and gas
facilities construction business unit.
Chris
Wallace, Managing Partner of Second City Capital
Partners said “We are extremely pleased to have the
opportunity to partner with the team at Rockford. They
are one of the leading firms in the sector, have a blue
chip customer base and are highly regarded not only for
“on time on budget” projects but also for their quality
of service and professionalism. We look forward to
working with the team to take this fast growing and
extremely profitable company to the next level.”
Lorne
Stoppler, Chairman of Rockford stated, “We had
significant interest in the company from other sources
but at the end of the day the Second City Capital team
was our first choice. They were straightforward,
knowledgeable and moved quickly and we are very pleased
to be working with them. With Rockford’s team and
reputation as a starting point, we are going to be
aggressively looking for potential acquisitions both in
the U.S. and north of the border as well. This is just
the beginning.”
About
Rockford Corporation
Rockford is a
rapidly growing and profitable private company engaged
in pipeline construction, pipeline maintenance,
directional drilling and facilities construction. The
company is based in North Plains Oregon and Yuba City
California.
About
Second City Capital Partners
Rockford
Corporation is the latest investment out of Second City
Capital Partners, a US$100 Million private equity fund
based in Vancouver, B.C. Staffed and funded by some of
North America’s leading investors, Second City Capital
Partners takes an opportunity focused, value-oriented
approach to investment. The fund invests across
industries with a particular focus on mid-market
companies with $2.0 to $20 Million EBITDA. For more
information please contact Chris Wallace or Richard
Osborn at 604-806-3350.
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