InvestmentsSince our first investment at Fruition in 2020, we have executed over $500 million of transactions, acquired 15 companies, and successfully recapitalized one platform.
In February 2023 we completed a majority recapitalization of Five Star Parks & Attractions and continue to lead the M&A strategy for this platform.
Fruition Investments
Five Star is the leading consolidator of micro amusement parks in the U.S. and currently consists of 27 family entertainment centers (FECs) in 13 states. Five Star generates high margins, negative working capital, low maintenance capital expenditures, boasts an excellent safety track record and very stable historical revenue and earnings. In February of 2023, Five Star executed a majority recapitalization with Court Square Capital Partners. Fruition was retained to lead the M&A and Greenfield strategy efforts moving forward and continues to maintain significant ownership in Five Star today.
Illustrative Investments
Avizent, headquartered in Dublin, Ohio, was formed to acquire regional third-party administrators serving the self-insured and high-deductible workers’ compensation market. From 2007 through 2011, the company built the only fully integrated service offering including claims and self-insured group administration, loss control and a suite of managed care services including pre-certification, scheduling, utilization review, medical bill review and network access services. By integrating these functions, Avizent was able to minimize the overall workers’ compensation costs for its clients.
Jacent was formed in 2016 by the merger of LaMi Products and ATA Retail Services, two pioneers in impulse merchandising with a combined 60 years of experience. Jacent sources, warehouses, ships and stocks over 3,500 impulse items to more than 14,000 retail stores across the US and Canada. The company creates strategic merchandising plans for each store-then places the ideal impulse items in the ideal locations, with follow-up re-ordering and re-stocking. In addition to the core impulse business, Jacent offers retail insights and services, such as audits and shelf stocking, to help stores run at peak efficiency.
*Denotes an affiliated investment made by Jay Coughlon while at a prior firm, Lariat Partners (‘Lariat’). Jay Coughlon was a co-Founder and managing partner of Lariat and served as one member of a two-person investment committee. All Lariat investment decisions required unanimous approval by Jay Coughlon and the other investment committee member.
Offen Petroleum is a leading wholesaler and distributor of over 1 billion gallons of motor fuel, lubricants and related products in 14 Rocky Mountain states. As one of the few specialty distributor platforms of scale with a comprehensive team, state-of-the-art facilities, modern fleet distribution, and meaningful purchasing power from longstanding, diverse supplier relationships, Offen distributes over 17% of the fuel consumed in Colorado and 9% of the fuel consumed in PADD 4. Offen purchases fuel directly from multiple terminals daily and distributes it immediately to its customers. As such, Offen carries de minimis amounts of fuel inventory overnight and is exposed to minimal commodity price risk.
*Denotes an affiliated investment made by Jay Coughlon while at a prior firm, Lariat Partners. Jay Coughlon was a Co-Founder and Managing Partner of Lariat and served as one member of a two-person investment committee. All Lariat investment decisions required unanimous approval by Jay Coughlon and the other investment committee member.
Subsea Global Solutions is a leading provider of underwater maintenance, repair, and marine construction solutions for vessels and ports throughout the world. With offices in 12 locations strategically located in both domestic and international cities, Subsea has the footprint to offer routine maintenance and cleaning services globally and the ability to mobilize quickly for scheduled and unscheduled/emergency repairs. Subsea’s customer base includes cruise lines, commercial shipping companies, offshore oil and gas operations, municipal ports, the U.S. military and insurance companies.
*Denotes an affiliated investment made by Jay Coughlon while at a prior firm, Lariat Partners. Jay Coughlon was a Co-Founder and Managing Partner of Lariat and served as one member of a two-person investment committee. All Lariat investment decisions required unanimous approval by Jay Coughlon and the other investment committee member.
Ecoserv is a one-of-a-kind, integrated, environmental cleaning and waste disposal services provider in the Gulf of Mexico (“GOM”) region. In addition to servicing the GOM region, Ecoserv provides cleaning and waste disposal in the west Texas Permian Basin and to refinery and petrochemical operators.
*Denotes an affiliated investment made by Jay Coughlon while at a prior firm, Lariat Partners (‘Lariat’). Jay Coughlon was a co-Founder and managing partner of Lariat and served as one member of a two-person investment committee. All Lariat investment decisions required unanimous approval by Jay Coughlon and the other investment committee member.
Northern Seed is a distributor of certified seed and provides seed conditioning and treatment services to growers in the Montana area. The company also owns seed genetics for several forage crop varieties sold nationally through a network of seed distributors.
*Denotes an affiliated investment made by Jay Coughlon while at a prior firm, Lariat Partners (‘Lariat’). Jay Coughlon was a co-Founder and managing partner of Lariat and served as one member of a two-person investment committee. All Lariat investment decisions required unanimous approval by Jay Coughlon and the other investment committee member.
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