Stonebridge Partners (“Stonebridge”) is pleased to announce the successful recapitalization of Paramount Mechanical Corp., (“Paramount” or the “Company”) in partnership with Paramount’s founder, Mark Cronin. Mark, who founded Paramount in 1989, will remain President and CEO and has retained a significant ownership position. In addition, as part of the transaction, several key managers of Paramount have become shareholders for the first time. The transaction closed on March 11, 2021.
Paramount ( https://www.paramount-mech.com/ ), headquartered in Manassas, VA, designs, installs, and services complex Mechanical/HVAC, Electric and Plumbing systems throughout the Mid-Atlantic and Southeast U.S. markets. Over the years, Paramount has successfully positioned itself as the preferred service and installation provider for owners and facility managers of complex HVAC and mechanical systems. Customers include large industrial and multi-family residential complexes as well as federal, state and municipal government agencies.
Complementing Paramount’s experienced management team will be Stonebridge Operating Partner Greg Goulette who has a successful record managing other project-management and infrastructure businesses.
Debt financing for the transaction was provided by Truist Bank and Midwest Mezzanine Fund (“Midwest”). Equity capital was provided by Midwest, 747 Capital, management, and Stonebridge. The Cosine Group, a division of Armory Securities, LLC, provided advisory services to Paramount and Mark Cronin.
Stonebridge Partners (https://StonebridgePartners.com) is a lower middle-market private equity firm founded in 1986. Stonebridge is focused on investing in family-owned, niche manufacturing, distribution, and service businesses with EBITDA of $3 million to $15 million.