WESTPORT, Conn., Jan. 14, 2016 /PRNewswire/ -- Balance Point Capital ("Balance Point") is pleased to announce that its affiliates provided debt and an equity co-investment to City Tap Holdings, LLC ("City Tap" or the "Company") in support of Larsen MacColl Partners' ("LMP") growth equity investment in the Company.
Founded in 2010 and headquartered in Conshohocken, PA, City Tap owns three restaurants in the Mid-Atlantic region, including two locations in Philadelphia and one in the heart of Washington, D.C. The restaurants have an extensive selection of craft beers from local, regional and international breweries, and each restaurant serves from a highly sought after draft and bottle beer list. Their restaurants also feature American regional fare with a focus on quality ingredients from local sources. Their staff is eager and able to guide both the beer aficionado as well as the novice through their offerings and pairings. Expansion is underway at two new locations in Palm Beach, FL and Boston, MA which are expected to open by summer of 2016 and additional locations are also expected to be opened before the year end. "We are thrilled to be in partnership with Balance Point," said Tim MacColl, Managing Partner of LMP. "They are patient, long-term capital providers that understand the business model and we look forward to their continued support."
Seth Alvord, Managing Partner of Balance Point adds, "We are excited to partner with LMP and City Tap. City Tap is a growing restaurant brand that is backed by a strong management team and a sponsor that has had successful prior experience in the food and restaurant industry. We look forward to supporting LMP and the City Tap management team execute their growth strategy."
About Balance Point Capital
Balance Point Capital is an alternative investment manager focused on the lower middle market. With approximately $500 million in assets under management as of December 2015, Balance Point invests debt and equity capital in select lower middle market companies across a variety of investment vehicles. We take a long-term, partnership approach to investing and are committed to building lasting relationships with our partners, management teams and intermediaries. Balance Point targets companies with EBITDA between $2 million and $25 million and typically invests $5 million to $30 million per transaction. We focus on providing flexible and creative capital solutions to best support the future growth of our portfolio companies. Balance Point Capital is a registered investment adviser. Further information is available at www.balancepointcapital.com.
Justin M. Kaplan
T. (203) 652-8264
SOURCE Balance Point Capital Partners