News

TULSA WELDING SCHOOL Acquires The Refrigeration School, Inc.

TULSA WELDING SCHOOL Acquires The Refrigeration School, Inc. of Phoenix.
Acquisition of leading HVAC/R career school by the nation’s largest accredited welding school combines organic growth with expansion through strategic acquisition.
        Tulsa Welding School (TWS) has acquired The Refrigeration School, Inc., one of the nation’s largest and best-known accredited single-campus career schools for heating, ventilation, air conditioning and refrigeration (HVAC/R), with more than 500 students and 45 instructors and administrators.
        “The Refrigeration School was founded in 1965 by my parents, so our students, faculty and administrators are like family,” said Elizabeth Loney-Cline, who is retiring as president of RSI.  “We were very deliberate about who we turned my family’s legacy over to, and I know it’s in good hands with Tulsa Welding School and Summer Street Capital.”
        The Phoenix-based company’s new owners intend to retain the RSI brand, maintain and grow its local workforce, invest in equipment and technology, and increase local enrollment while seeking opportunities to expand within and outside Arizona.  RSI’s outstanding HVAC/R curriculum will also be offered at the TWS campuses in Tulsa, OK, and Jacksonville, FL.
        “RSI’s founders, management, administrators, and faculty have consistently demonstrated the highest ethics and values, as well as a zeal for compliance, providing generations of students with lifelong careers and an outstanding return on their education investment,” said Larry Brown, president and chief executive officer of Tulsa Welding School and its corporate parent Beam Reach Education.  “We intend to continue the great legacy of Elizabeth and her family.”
        RSI’s placement rate has exceeded 90 percent for each of the last three years.  Its students earn an average of $16.25 per hour, or about $34,000 per year, after graduating from RSI educational programs, which include: Electrical Technologies (ET), Refrigeration Technologies (RT), Electro-Mechanical Technologies (EMT) and Mechanical Maintenance Engineering (MME).  All of the school’s HVAC/R instructors are North American Technician Excellence (NATE) certified.
        FOUNDATION FOR GROWTH
        The RSI acquisition is part of Tulsa Welding School and Beam Reach’s strategy to grow organically while pursing acquisition opportunities among skilled-trade career schools. 
        Tulsa Welding School has grown enrollment consistently since the Fall of 2008, when the career-education company and its two campuses were acquired by Beam Reach and its majority shareholder, Summer Street Capital Partners LLC.  Beam Reach has expanded Tulsa Welding School’s faculty and administrative staff while investing in excess of $600,000 in technology and equipment, including 150 new welding machines and other capital projects.
        While financial terms of the RSI deal were not disclosed, Summer Street’s $300 million of managed capital enables Beam Reach to make equity investments in the post-secondary career school industry by acquiring institutions with revenues in the range of $2 million to $50 million.  In addition to buyouts like the RSI acquisition, Beam Reach intends to invest alongside talented managers, bringing capital and resources to support growth and acquisitions.
        The Beam Reach team is led by experienced career education leaders who are committed to providing outstanding industry-driven career education for students, a rewarding work environment for employees, and a fair return on investment for all stakeholders.  Brown, who has more than 35 years of career education experience, previously served as Vice Chairman, COO, and President of Lincoln Educational Services Corporation.  During his tenure at Lincoln Educational Services, the company grew to more than $300 million in revenue, 18,000 students, and 2,700 employees at 37 schools in 17 states. 
        Beam Reach’s Chief Marketing Officer, Dawn Bravo, previously served as Divisional Vice President of Marketing and Admissions at Career Education Corporation.  She also held numerous leadership positions with companies such as Universal Technical Institute and Lincoln Educational Services Corporation.        

          ABOUT REFRIGERATION SCHOOL, INC. The Refrigeration School, Inc.(www.refrigerationschool.com) of Phoenix is institutionally accredited by the Accrediting Commission of Career Schools and Colleges (ACCSC ), which named RSI a “School of Distinction” based on its re-accreditation.  RSI was established in 1965 and is one of the largest and best-known single-campus HVAC/R schools in the United States.
          ABOUT BEAM REACH EDUCATION AND TULSA WELDING SCHOOL
       Beam Reach Education (www.beamreachedu.com) focuses on the acquisition, growth and development of specialized career education schools, particularly skilled-trade programs designed to address the nation’s growing infrastructure needs.  Beam Reach makes equity investments in the post-secondary career school industry by acquiring institutions with revenues in the range of $2 million to $50 million.  The company’s Tulsa Welding School (www.weldingschool.com) subsidiary was founded in 1949, and has grown into the largest accredited private welding school in the United States with campuses in Tulsa, Okla. and Jacksonville, Fla.  Tulsa Welding School is accredited by the Accrediting Commission of Career Schools and Colleges (ACCSC) and is a member of the American Welding Society and the Career College Association. 
        ABOUT SUMMER STREET CAPITAL PARTNERS LLC        Beam Reach Education’s majority shareholder is Summer Street Capital Partners LLC.  Founded in 1999, the Buffalo, NY-based private equity fund with approximately $300 million of committed capital is focused on investing in small-market companies.  The firm invests alongside talented managers, bringing capital and resources to support acquisitions and aggressive growth strategies.  Summer Street’s investors include leading pension funds, insurance companies, and banking institutions. Summer Street’s investments support management buy-outs, family transitions, corporate divestitures, growth financings, and recapitalizations. The investment team is complemented by a team of experienced operating partners who are integrally involved in assisting portfolio companies. Visit www.summerstreetcapital.com for additional information.

Willcare Acquires Patient''s Choice Homecare, LLC

WILLCARE Acquires Patient’s Choice Homecare, LLC, a CT-Based Home Health Care Regional Leader With Four Branches Strategically Located Throughout The State
        WILLCARE, in conjunction with local private equity fund manager Summer Street Capital, has acquired Patient’s Choice Homecare, LLC.  Patient’s Choice is a CT-based leading regional home health care company with more than 250 associates providing skilled nursing, physical occupational and speech therapy, medical social work and home health aide services to nearly 1,000 patients through four branch offices located in Connecticut. 
        “The acquisition of Patient’s Choice was a unique and exciting opportunity for WILLCARE,” Summer Street Capital Partner Andrew L. Fors said.  “The Patient’s Choice organization has a strong cultural fit with WILLCARE, sharing patient and associate-focused core values while operating in a contiguous geography.”
        “We look forward to expanding our service offering to include the state of Connecticut, and are pleased to announce a partnership with an organization and management team that shares our vision and commitment to providing quality home health care and improving patient outcomes,” explained Todd Brason.  “The acquisition of Patient’s Choice will help both organizations continue to grow and offer industry leading patient services while also providing for employment growth within the larger combined organization.”
        Terms of the transaction were not disclosed, although Buffalo-based Summer Street uses its aggregate $300 million under management to make equity investments that typically range from $5 million to $30 million in companies with annual revenues of $20 million to $100 million.  
        ABOUT WILLCARE
        WILLCARE is an independent, proprietary home health care company providing skilled nursing, rehab therapy, paraprofessional and case management services.  With about 5600 patients, more than 1,175 employees and 17 offices in the Upstate New York, the Hudson Valley region of New York, Northeast Ohio, and Connecticut, WILLCARE is a large, regional provider of home health services in the Northeast United States.  More information on the company, headquartered in Buffalo, N.Y., is available at www.willcare.com.
        ABOUT SUMMER STREET CAPITAL PARTNERS LLC
        Summer Street Capital Partners LLC, founded in 1999, is a Buffalo, N.Y.-based private equity fund with approximately $300 million of committed capital focused on investing in small-market companies.  The firm invests alongside talented managers, bringing capital and resources to support acquisitions and aggressive growth strategies.  Summer Street’s investors include leading pension funds, insurance companies and banking institutions.  Summer Street’s investments support management buy-outs, family transitions, corporate divestitures, growth financings and recapitalizations. The investment team is complimented by a team of experienced operating partners who are integrally involved in assisting portfolio companies.  Please visit www.summerstreetcapital.com for additional information.

Jacksonville Campus Acquired by Summer Street Capital Partners

Tulsa Welding School, which trains students for welding and inspection careers at its campus on 3500 Southside Boulevard in Jacksonville, was acquired by private equity fund manager Summer Street Capital Partners LLC.

Tulsa Campus Acquired by Summer Street Capital Partners

Summer Street Capital Partners Acquires Tulsa Welding School

Private equity fund manager Summer Street Capital Partners LLC today announced the acquisition of Tulsa Welding School, the largest accredited private welding school in the United States, which trains students for welding and inspection careers in a multitude of welding specialties and applications.

Summer Street Acquires Buffalo's Willcare, a Regional Leader in Home Health Care

Summer Street Acquires Buffalo's Willcare, a Regional Leader in Home Health Care Serving 18 Counties in New York and Ohio. Willcare deal is Summer Street's second major investment in a Buffalo-area company in less than six months.

Local private equity fund manager Summer Street Capital Partners LLC has acquired Willcare, a leading regional home health care company with more than 1,500 employees providing skilled nursing, therapeutic, paraprofessional and case management services to about 4,500 patients in Upstate New York, the Hudson Valley region of New York, and Northeast Ohio.

Summer Street Announces the Addition of Jim Chambers

Summer Street Capital Announces the Addition of Jim Chambers as Operating Partner. Experience as an entrepreneur and as a senior executive with Quest Diagnostics and Corning makes Chambers an exceptional resource for growing companies.

Summer Street Capital Partners, a Buffalo, New York-based private equity fund, announced that James D. Chambers has joined Summer Street as an Operating Partner.

Prism Health Networks is now Palladian Muscular Skeletal Health

Managed-care services company Prism Health Networks has officially changed its name to Palladian Muscular Skeletal Health.

The name change became official with a vote of the company's board of directors on June 1.

Prism Health Networks infusion of Capital

Prism Health Networks secured an infusion of capital from the private equity fund manager Summer Street Capital Partners LLC, which will finance job creation, acquisitions and national expansion by the provider of outsourced managed-care services for muscular-skeletal health, including physical therapy, chiropractic medicine, and fitness and wellness.

Terms of the transaction were not disclosed, though Summer Street uses its aggregate $300 million under management to make equity investments that typically range from $5 million to $30 million in companies with annual revenues of $20 million to $100 million.

$187 Million Fund Closed

Summer Street Capital Partners, LLC (“Summer Street”) announced today that it has closed Summer Street Capital II, L.P. and its affiliate partnership (collectively, “SSC II”), a $187 million private equity fund dedicated to small market buyout and growth equity investments. SSC II exceeded its $150 million target. Summer Street was founded in 1999 and manages approximately $300 million in aggregate.

“Summer Street’s portfolio has achieved over 28% compounded annual earnings growth. This resulted in significant support from existing limited partners from our first fund, while helping us attract a number of new, sophisticated investors to this second fund. We look forward to building lasting relationships with our new limited partners,” said Michael McQueeney, a Managing Partner and co-founder of Summer Street.

Summer Street Capital Partners realizes investment in Reichert, Inc.

Summer Street Capital Partners announced today that Beecken Petty O’Keefe & Co. acquired Summer Street portfolio company Reichert, Inc. in a management recapitalization.

Reichert, based in Buffalo, New York, is a leading manufacturer of high-quality diagnostic devices for ophthalmologists, optometrists and retail eyecare centers. The Company provides a broad portfolio of equipment for use by eyecare professionals in diagnosing conditions ranging from common vision problems to significant diseases such as glaucoma. Reichert has established itself as one of the most tenured and recognizable names in the eye care industry, and has built a leading market share in many of its product lines. Additionally, it has created significant brand recognition among eye care providers, and works closely with leading teaching hospitals, research centers and universities to develop groundbreaking instruments for the diagnosis and management of diseases of the eye.

Summer Street Capital sells portfolio company Interstate Waste Services, Inc.

Summer Street Capital Partners announced today that AIG Highstar Capital II, L.P. acquired Summer Street portfolio company Interstate Waste Services, Inc. (IWS) in a transaction considered to be one of the most significant M&A events in the municipal solid waste industry this year.

IWS, based in Sloatsburg, New York, is a leading solid-waste management operation involved in the collection and disposal of non-hazardous solid waste. One of the largest independent municipal solid waste companies in the United States, IWS operates in 21 municipalities throughout northern New Jersey and the lower Hudson Valley region of New York. IWS also owns and manages a network of strategically located transfer stations, and operates a high volume material recycling facility.

Operating Partners Mike Serventi and John Burgess join Summer Street team

Summer Street Capital Partners today announced that Mike Serventi and John Burgess have joined Summer Street as Operating Partners. 

“Summer Street is fortunate to be able to add the talents of these two experienced CEOs to the Operating Team supporting our portfolio companies,” noted Mike McQueeney, Managing Partner.  “Their experience running middle market manufacturing and service firms is a perfect match for the needs of the growing companies we invest in.”  Summer Street formed the Operating Partner team to assist in reviewing acquisitions and investments, and to provide operational resources for the companies in the Summer Street portfolio.  Mike and John join Summer Street Operating Partner Doug VanOort, who previously ran several private and public companies in the business services, telecommunications, and health sciences industries.