Aegis Texas Venture Fund Completes Growth Investment in First American Vacuum Services, LP.
June 26, 2006 – (Beeville, Texas) – Aegis Texas Venture Fund, LP, (“Aegis”) is pleased to announce the closing of its investment in First American Vacuum Services, LP. The investment was made in the form of a senior secured loan with equity.
First American Vacuum Services, LP of Beeville has completed a $5 million round of financing from Accent Capital, Advantage Capital Partners, Aegis Texas Venture Fund, and Stonehenge Capital. This funding, all invested in connection with Texas’ Certified Capital Companies program (CapCo’s), will be used as working capital to assure local ownership and purchase new transportation equipment. First American Vacuum Services is Bee County’s largest private sector employer, and this financing will double the employee base of the Company.
“Our business forecast and projections are telling us that significant business is out there and we intend to capture these revenues and bottom line performance by offering the best and most reliable service at critical times for our customers” Barnes said. “Demand for natural gas is strong and South Texas continues to be an important area for exploration and production. This financing comes just in time, as it will enable us to grow with our customers’ business here in Bee County.”
Accent Capital’s Managing Partners Gil Burciaga and Elias “Lee” Urbina spent a lot of time in Bee County and with Mike Barnes getting to know the business, management and its potential and both said “Mike is uniquely positioned to use his natural ability to sell and market his services like any Wall Street executive we have every seen. Mike is clearly a relationship driven businessman and we agree with his philosophy.”
Tim Cockshutt, an Advantage Managing Director had this to say “First American is poised for further growth, and we are pleased to support the company with this investment. Another attractive aspect of First American is its importance to the economy of Bee County, which is part of a region designated by the state as a Strategic Investment Area.”
Aegis Texas Venture Fund’s CEO, Scott Crist, “is pleased to support the entrepreneurial activities of Mike Barnes and looks forward to the Company growing and continuing to provide outstanding local job growth while producing a nice return to the Aegis investors.”
Stonehenge Director Steve Bennett added “Stonehenge is proud to back an outstanding entrepreneur such as Mike Barnes in the rapidly growing energy market in South Texas.”
About Accent Capital Partners
Accent Texas Fund I, LP is Austin-based venture capital firm primarily focused on investing in high-growth companies throughout the State of Texas. The Accent team, with more than 70 years' combined experience in operational, industry, and investing experience, seeks to provide its portfolio companies growth funding and operational guidance to help them build and grow successful ventures. Learn more at www.accentcap.com.
About Advantage Capital Partners
Advantage Capital Partners is a private equity firm focused on investing in promising companies in connection with federal, state and local economic development efforts. With offices in Austin, New Orleans, St. Louis and other cities, Advantage has raised more than $700 million in institutional venture capital since 1992 and invested in companies located in geographic areas underserved by traditional venture capital. For more information, visit www.advantagecap.com.
About Aegis Texas Venture Fund, LP
Aegis Texas Venture Fund, LP (“ATVF”) focuses on investing in early to mid-stage companies located in the State of Texas. The ATVF investment approach is to identify emerging trends within various sectors and then to work directly with the entrepreneurs who have the desire, talent and determination to build their companies. Through these investments, ATVF supports local businesses and job creation. ATVF is an affiliate of Aegis Capital Group. For additional information, please visit www.AegisCapitalGroup.com.
About Stonehenge Capital Company, LLC
Stonehenge Capital Company, LLC is a national specialty finance company, with expertise in private equity, tax credit finance and structured finance. Since 1990, Stonehenge's principals have provided long-term capital to privately held businesses throughout the country. Stonehenge was formed in 1999 by former principals of Banc One Capital Markets, the venture capital and investment banking subsidiary of Bank One Corporation. Stonehenge currently manages several distinct private equity funds with over $500 million in capital. For additional information, please visit www.stonehengecapital.com.