Issue link: http://psai.uberflip.com/i/1152998
W EEKLY EDITION AUGUST 7, 2019 Note: The PSAI is committed to bringing Members industry news. It creates original content and it aggregates news that appears in other sources. Unless otherwise stated in organizational documents or in Associati on Insight newsletters, the PSAI does not have or take a position on the content of news items from other sources. Member News SAN FRANCISCO, July 31, 2019 (GLOBE NEWSWIRE) -- Seacoast Capital ("Seacoast"), a lower middle market non - control growth capital investor, announced tod ay its exit from its investment in Northwest Cascade ("NWC"), a provider of (i) portable sanitation rental services, (ii) septic pumping and industrial digester and drain cleaning services; and (iii) heavy civil, municipal and residential construction serv ices in the Pacific Northwest, California, Utah and Texas. NWC is primarily known for its portable sanitation rental services division, Honey Bucket, whose colorfully - branded "porta potties" are ubiquitous across the Pacific Northwest and beyond. Seacoast originally invested redeemable preferred stock with warrants in NWC in February 2013 to recapitalize certain of its indebtedness and provide partial liquidity to the Company's employee shareholders, and subsequently in February 2017 provided the Company wi th subordinated debt with warrants as part of a balance sheet recapitalization. Since the original Seacoast investment, NWC more than quadrupled its EBITDA, owing largely to Honey Bucket's strong market share gains in its legacy Pacific Northwest markets, de novo expansion into California and Texas, and targeted acquisitions across its geographic markets. With an unwavering commitment to quality and servicing "every unit, every time" Honey Bucket has grown to become the second largest portable sanitation r ental services provider in the U.S. and the largest in the Pacific Northwest. Jamie Donelan, a Principal at Seacoast, noted "It's exceedingly rare in today's market environment to be involved with a company for over 6 years – even more so for that compa ny to trend up and to the right the entire time. It's really a testament to NWC's corporate values – the senior leadership has built a truly unique culture centered around hard work, loyalty and employee participation that has enabled NWC to continually gr ow and retain the great employees that are core to the company's unmatched service model." Greg Potts, President of NWC, commented "Seacoast was the first outside investor that NWC took on in its 40+ year history, and we were initially uncertain as to wha t to expect with their capital. What we got was a patient and complementary partner that took the time to understand the nuances of our business model and our associated growth needs – ultimately their non - control mandate was a perfect match for us." P AGE 16