Canal Completes an Investment in Micorp Custom Auto & Truck, LLC
November 10, 2016 - Canal Holdings, LLC (“Canal”) is pleased to announce its recent investment in Micorp Custom Auto & Truck, LLC (“Micorp”), an Auburn, Massachusetts-based installer of premium automotive aftermarket accessories. Micorp provides market-leading services to dealerships and commercial fleet operators located in Massachusetts, Rhode Island and New Hampshire through four strategically located facilities and a large workforce of highly-skilled mobile technicians who perform on-site installations. The company offers a strong portfolio of products including remote starters, leather & heated seating, safety and navigation systems, sunroofs, and paint protection film. To learn more about Micorp, please visit www.micorpds.com.
Canal’s senior subordinated debt and preferred equity investments, totaling approximately $1.7 million, were funded from its recently established fund, Canal Capital Partners III, LP (“Canal III”). Micorp is the second investment to be funded by Canal III. Proceeds were utilized to support the acquisition of Micorp by Monhegan Partners, LLC, an independent private equity sponsor, and management. Canal and Monhegan expect to continue and enhance the strong foundation established by Micorp’s management team through additional growth initiatives and capital resources.
About Canal Holdings, LLC:
Canal is the manager of junior capital investment partnerships (mezzanine debt, preferred equity, and minority common equity) for high net worth individuals, family offices, and institutional investors. Canal invests up to $7 million in profitable lower middle-market companies seeking an active capital partner to fund organic growth, add-on acquisitions, recapitalizations, and ownership transitions. Canal’s first two partnerships, Canal I and Canal II, are fully invested and in the process of planning exits of their respective remaining portfolio companies. Its third partnership, Canal III, will continue to serve the same market niche that Canal has cultivated since 2005. Canal will continue to invest from Canal III while pursuing fundraising efforts for the recently established fund and identifying further investors interested in its investment strategy.