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Hampshire Receives Dividend from Fairchild Source: Patriot Capital Funding, Inc Patriot Capital Funding Completes a Recapitalization of Fairchild Industrial Products Co.
WESTPORT, Conn.--(BUSINESS WIRE)--May 25, 2006--Patriot Capital Funding, Inc. (Nasdaq: PCAP – News), a specialty finance company providing flexible financing solutions to private equity sponsors focused on making investments in small- to mid-sized companies, today announced that it completed a recapitalization of Fairchild Industrial Products Co., an existing portfolio company of Patriot Capital Funding and the private equity firm Hampshire Equity Partners. As part of the recapitalization, Patriot Capital Funding provided $1.5 million of additional senior secured term debt along with $0.5 million of preferred and common equity. Winston-Salem, North Carolina-based Fairchild Industrial Products Co. is a leading designer and manufacturer of industrial control products. Fairchild's products are sold to a variety of end user markets, including food processing, pharmaceuticals, oil and gas, paper and pulp, textiles and automotive industries. Patriot Capital Funding previously provided $20.2 million of debt financing in support of the initial July 2005 acquisition of Fairchild by Hampshire Equity Partners. "We are very pleased with the performance of Fairchild under the ownership of Hampshire and are excited to become equity partners. The Fairchild recapitalization is yet another example of Patriot Capital Funding providing ongoing support to its valued customers. Our pursuit of adding value for the private equity groups we work with does not end with an initial transaction, it continues over the life of the investment," stated Richard Buckanavage, President and CEO of Patriot Capital Funding.
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