Norwest Mezzanine Partners Invests in Diversified Maintenance Systems
March 03, 2010
Minneapolis, Minnesota – Norwest Mezzanine Partners (NMP), a leading middle market mezzanine investor, today announced that it has invested $17.5 million in subordinated debt and equity to support Frontenac Company’s acquisition ofDiversified Maintenance Systems, LLC (“Diversified”), a leading provider of outsourced janitorial and facility maintenance services to retail stores and distribution centers.
Founded in 1996 and headquartered in Tampa, Florida, Diversified provides a variety of janitorial services, including janitorial housekeeping, floor care, external building maintenance, and specialized emergency maintenance to retail, commercial/industrial, educational and healthcare facilities at thousands of locations across the United States, Puerto Rico and Canada.
Investing in support of transactions initiated by private equity firms has been the focus of NMP’s investment strategy since its inception nearly 10 years ago. “We are excited to have the opportunity to invest in Diversified and to be in a position to support its continued growth. Frontenac is a highly regarded, long-standing institution and we are very pleased to establish this new relationship” stated Carter Balfour, NMP Partner.
“Frontenac and the Diversified management team are thrilled to have NMP as our partner in this investment, and we look forward to continuing our successful relationship,” stated Andrew Seger, Frontenac Vice President.
Founded in 1971, Frontenac Company is a Chicago-based private investment firm currently investing capital from its ninth equity fund. For more information, please visit www.frontenac.com.