Pittsburgh, Pennsylvania – Tecum Capital Partners (“Tecum”) is pleased to announce its new subordinated debt and equity investment in Freelance Enterprises LLC (“Freelance” or the “Company”). Tecum has partnered with existing Management and Ninth Street Capital Partners (“Ninth Street”) of Cleveland on this transaction. The capital provided will be used to support the acquisition of Freelance and provide additional growth capital for the Company to execute on key strategic initiatives.
Founded in Denver, Colorado in 1992, Freelance is the leading manufacturer of premium custom commercial millwork in the Front Range Urban Corridor, which extends from Cheyenne, Wyoming to Southern Colorado and includes Denver, Colorado Springs, Boulder, and Fort Collins, four of the fastest growing cities in the U.S. Freelance is differentiated by its ability to provide concept-to-completion services at scale while consistently delivering premium craftsmanship and exceptional customer services. The Company is led by Ninth Street’s Patrick Dickinson and Michael Weiner, who will serve as CEO and CFO, respectively, along with a deeply experienced senior management team with a track record of growing commercial millwork companies organically and through acquisition.
“Freelance has provided concept-to-completion premium design and craftsmanship to the commercial millwork industry for over 25 years. The Company’s attention to customer service while providing finely crafted products has allowed Freelance to grow since its founding. We believe that this partnership will best position the company to take advantage of the growing demand for commercial millwork in the Rocky Mountain Region of the U.S.,” stated Michael Weiner, Ninth Street managing partner.
“We are thrilled to partner with our friends at Ninth Street Capital on this opportunity. Given our past experience with them, we are confident in their ability to build and create positive long term results for Freelance,” noted Stephen Gurgovits, Jr., Tecum founder and managing partner.
About Tecum Capital
Tecum Capital is a Pittsburgh-based private investment firm with over $450 million of committed capital under management providing mezzanine debt, subordinated notes and private equity for middle market businesses. Tecum has invested more than $250 million in over 50 companies over the past 10 years throughout the Midwest, Mid-Atlantic, and Southeast. Tecum generally invests amounts ranging from $5 million to $15 million to support business owners and financial sponsors in growth financials, full and partial recapitalizations, generational transitions, and buyouts. For more information, please visit www.tecum.com.
About Ninth Street Capital Partners
Founded in 2009, Ninth Street is a Cleveland-based private equity firm focusing on market leaders in niche industries with EBITDA of $2 to $10 million. Ninth Street seeks opportunities to build companies starting with a platform acquisition and subsequently creating value via operational improvements and acquisitions. For more information, visit Ninth Street’s website at www.ninthstreetcapital.com.