GREENWICH, Conn., Aug. 4, 2015 /PRNewswire/ -- Southfield Capital, a leading lower middle market private equity firm, announced today that it completed the sale of Hallcon Corporation ("Hallcon") to NOVACAP. Hallcon is a leading provider of specialty outsourced services primarily to the railway, transit and oil and gas sectors in North America, based in Toronto.
Southfield Capital acquired Hallcon in 2011 in partnership with the senior management team. During Southfield Capital's investment, Hallcon's EBITDA increased by four times. This extraordinary growth was primarily driven through geographic expansion into the U.S., the introduction of complementary service offerings and strategic acquisitions. The sale of Hallcon represents a very successful exit for Southfield's investors and the management shareholders.
Heb James, a Partner with Southfield Capital, commented on the sale, "Working with the Hallcon team over the past four years has been a real pleasure. Because of the strong leadership and commitment to growth at Hallcon, we were able to execute on the highly ambitious goal of taking a business that was primarily hauling rail crew members in Canada, and expanding it to become a leading provider of outsourced employee transportation throughout North America. I'm proud of what we collectively accomplished and wish the Hallcon team the best as they continue to grow the business."
The acquirer, NOVACAP, is a Montreal-based private equity firm focused on investing in middle market businesses in traditional industries.
Lazard acted as lead financial advisor and BB&T Capital Markets acted as co-financial advisor to Hallcon. Finn Dixon & Herling and Stikeman Elliott acted as legal advisors to Hallcon.
With corporate offices in Toronto, Ontario and Lenexa, Kansas, Hallcon provides comprehensive outsourced solutions for rail, oil and gas, mining, airline and commuter employee transportation. In addition to employee transportation, Hallcon provides passenger rail coach, bus and train station cleaning and maintenance services to municipal, regional, and national passenger rail and transit providers. More information on Hallcon can be found at www.hallconcorp.com.
About Southfield Capital
Southfield Capital is a private equity firm that invests in exceptional, growing companies in the lower middle market. The firm makes control investments in North American companies generating $4 - 12 million in EBITDA with proven business models, attractive growth and profitability trends, and strong leadership. For more information, please visit www.southfieldcapital.com.
SOURCE Southfield Capital