Cyprium Investment Partners, a non-control private equity firm, has completed a subordinated debt investment in D.P. Nicoli Inc. The proceeds of this investment were used to support a recapitalization transaction with a newly formed Employee Stock Ownership Plan (ESOP).
D.P. Nicoli is a leading provider of shoring equipment rental services to utilities, municipalities and contractors in Oregon, Washington, California and Idaho. The company is a one-stop resource supplying steel and aluminum trench shields, hydraulic shoring, steel plates, slide rail, pipe plugs and other equipment utilized in underground construction projects.
"We chose Cyprium to provide junior capital based on their twenty-year history of supporting independent businesses and experience with ESOPs and the equipment rental industry," said Dave Nicoli, President of D.P. Nicoli.
"Dave and his team have built an excellent business driven by a strong culture of customer service, safety and employee development" stated Dan Kessler, a Partner at Cyprium Partners. "We are excited to work with the management team and employee-owners in the next phase of the company's growth."