Franklin Square Capital Partners its senior secured investment in Blueprint Sub (doing business as iSqFt), a provider of software and bid information to the commercial construction industry.
The increased commitment finances the merger of iSqFt and CMD Group, a Norcross, GA headquartered provider of construction information.
The financing was provided by FS Investment Corporation (NYSE: FSIC), FS Investment Corporation II (FSIC II) and FS Investment Corporation III (FSIC III), BDCs managed by affiliates of Franklin Square and sub-advised by GSO / Blackstone Debt Funds Management LLC (GDFM), an affiliate of GSO Capital Partners LP (GSO).
The combination of iSqFt and CMD Group brings together businesses with complementary strengths in different segments of the construction sector, creating an organisation with an enhanced product offering and a strong technology platform focused on innovation. The combined organisation will provide comprehensive construction data and software solutions for customers across North America.
iSqFt is a portfolio company of Genstar Capital, a San Francisco, CA based middle market private equity investment firm focused on the software, healthcare, financial services and industrial technology sectors. iSqFt is also a portfolio company of Warburg Pincus, a global private equity firm focused on growth investing, via the merger with CMD Group.
"The upsizing of our investment in iSqFt demonstrates the flexibility of our financing capabilities as well as our commitment to our portfolio companies," says Michael C Forman (pictured), Chairman and Chief Executive Officer of FSIC, FSIC II and FSIC III.
"iSqFt and CMD Group are a natural business combination with highly complementary offerings," commented Brad Marshall, Senior Managing Director at GSO. "We believe the synergies they share will create significant opportunities."
"The Franklin Square and GSO team has been a reliable financing partner for our company. This merger represents the second strategic transaction that Franklin Square and GSO have supported for us," says Dave Conway, President and Chief Executive Officer of iSqFt.
