RF Investment Partners exits SPATCO

New York-based private equity firm RF Investment Partners has exited SPATCO Energy Solutions, a sales, service, maintenance, installation and compliance provider for fuelling infrastructure across the US and Canada. The firm has also invested in SPATCO's $230m continuation fund, led by Kian Capital Partners and Apogem Capital.

Based in Charlotte, SPATCO's services encompass petroleum, industrial, DEF and electric vehicle charging. Its customer base includes national and regional convenience store operators, major oil companies, commercial fleet and military fuelling facilities, trucking companies, regional oil jobbers and commercial bulk petroleum plants. SPATCO operates 33 offices and employs around 1,000. The company is currently led by President and CEO John Force.

In partnership with Kian Capital Partners, RF Investment Partners supported the initial investment in SPATCO with its SBIC Fund I investment in late 2019. Since then, SPATCO has closed eight add-on investments, generated geographical growth, and quintupled its EBITDA, making it RF’s most significant exit in firm history. RF plans to continue to support SPATCO and its management team by reinvesting in its recently announced continuation fund, according to a statement.
 
RF Investment Partners focuses on lower middle-market businesses in the software, healthcare services and business services sectors. The firm provides capital ranging in size from $10m to $40m, supporting acquisition financing, growth capital investments, recapitalisations, refinancings and management buyouts. RF invests in unitranche, second lien and subordinated debt alongside preferred and common equity.