Carl Marks Advisory Group Advises Coastal Concrete in Successful Financial Restructuring

Jan 19, 2010, 11:44 ET from Carl Marks Advisory Group LLC

NEW YORK, Jan. 19 /PRNewswire/ -- Coastal Concrete II LLC, a South Carolina-based manufacturer of ready-made concrete for the residential and commercial markets, has successfully completed an out-of-court financial restructuring of its senior and mezzanine debt facilities and equity.  The investment banking group of Carl Marks Advisory Group LLC (CMAG) served as financial advisor to the bank group.

GE Commercial Finance retained CMAG as agent for its senior lender group to develop and implement a balance sheet restructuring, enhancing the company's ability to service its long-standing customer base, as well as expand in the future.

Acquired by Park Avenue Equity Partners LP in 2007, Coastal Concrete supplies ready-made concrete to customers primarily in South Carolina and Georgia. In business since 1985, the company operates 12 permanent concrete plants and one mobile concrete facility. Although the Southeast has been a leading area for construction in the United States, the recent downturn in construction resulting from poor economic conditions severely impacted the company's operations.

CMAG managed Coastal Concrete's restructuring process, rightsizing the capital structure to improve future liquidity for the company.  As a result of the restructuring, Coastal Concrete has developed into a much stronger company.

"Coastal Concrete has served the construction market in the Southeast for more than two decades and is very important to the region's economy, employing a significant number of individuals," said Warren H. Feder, partner, CMAG.  "The company's exceptional management team was key to the restructuring success.  They went to great lengths to ensure that the employees and their families will continue to have the opportunity to grow with Coastal.  Being part of that experience has meant a great deal to the Carl Marks team."

The successful reorganization, combined with the nascent signs for recovery in the Southeast's construction market, positions Coastal Concrete for an optimistic future, Feder added.

About Carl Marks Advisory Group LLC and Carl Marks Securities LLC

Carl Marks Advisory Group LLC, with offices in New York, Vienna, Va., Bedminster, N.J., and Charlotte, N.C., provides a wide array of investment banking and financial and operational advisory services to the middle market, including mergers and acquisitions advice, sourcing of capital, financial restructuring plans, strategic business assessments, improvement plans and interim management.

Carl Marks Securities LLC, based in New York, assists its clients in executing private placements of debt and equity. The firm is a member of FINRA and SIPC. Additional information about Carl Marks Advisory Group LLC and Carl Marks Securities LLC is available at www.carlmarks.com.

SOURCE Carl Marks Advisory Group LLC



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