DIRTT Secures $20 Million Investment from Kayne Anderson; Enters Banking Partnership with Comerica
CALGARY, Dec. 13, 2012 /PRNewswire/ - DIRTT Environmental Solutions Ltd., North America's leading manufacturer of agile interior construction solutions, is pleased to announce a $20.0-million investment from Kayne Anderson Mezzanine Partners. Concurrent with this transaction, DIRTT also announces a new credit facility and banking relationship with Comerica Bank (NYSE: CMA).
Proceeds from the investment will be used for growth capital as DIRTT aggressively pursues new agile construction opportunities in North America and internationally, and will also support DIRTT's growth in vertical markets including healthcare (DIRTT recently completed the pediatric and neonatal ICU sections of Saudi Arabia's Makkah Maternity and Children's Hospital).
"The Kayne Anderson investment and Comerica partnership highlight DIRTT's growth potential and our success to date as North America's leading provider of innovative and sustainable interior construction solutions," says DIRTT President Scott Jenkins. "Comerica and Kayne Anderson understand our future potential and we're confident their support will allow us to accelerate our growth plans."
"We recognize DIRTT has achieved significant growth over the past year and we're pleased to work with a company that has a proven record of success," says J.P. Michael, Senior VP and Regional Managing Director for Comerica Bank, Technology and Life Sciences Division. "Our team has the expertise and knowledge to help businesses like DIRTT expand in a number of different markets."
Edward Cerny, Managing Partner of Kayne Anderson, adds "DIRTT is truly driving change in the interior construction industry with their integrated use of technology and design. The Kayne Anderson team is excited to support a company that has the potential for long-term growth in an ever expanding market base."
DIRTT has seen significant year-over-year revenue growth since sales began in 2005. The company has completed projects in the US, Canada, Saudi Arabia, Lebanon, the UK, Singapore, Hong Kong, and Australia and its expanding partner base now includes South Korea and China.
In addition to the investment from Kayne Anderson, DIRTT is well-funded by shareholders including Expansion Capital, NGEN Partners, Apex Venture Partners and Export Development Canada. The Kayne Anderson investment (brokered by Raymond James) and Comerica banking partnership closed December 6, 2012.
DIRTT Environmental Solutions (Doing It Right This Time) creates award-winning interiors with modular architectural solutions for industries including corporate, government, education and healthcare. The DIRTT family of solutions includes walls, power, networks, millwork, raised flooring and ICE® software. All elements support reconfiguration, customization, distributed manufacturing, and a significantly lower carbon footprint than conventional construction. DIRTT has manufacturing facilities in Phoenix, Savannah, Kelowna and Calgary. These manufacturing teams work in concert with more than 120 distribution partners throughout North America, the Middle East and Asia. www.dirtt.net
Kayne Anderson Mezzanine Partners, with offices in New York, Houston, and Los Angeles, manages $600 million in committed capital and invests in middle market companies across a diverse range of industries, predominantly in North America. For additional information, please visit http://www.kaynecapital.com
Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $63.3 billion at September 30, 2012. To receive e-mail alerts of breaking Comerica news, go to http://www.comerica.com/newsalerts.
SOURCE DIRTT Environmental Solutions