CALGARY, Dec. 13, 2012 /CNW/ - DIRTT Environmental Solutions Ltd., North
America's leading manufacturer of agile interior construction
solutions, is pleased to announce a $20.0-million investment from Kayne
Anderson Mezzanine Partners. Concurrent with this transaction, DIRTT
also announces a new credit facility and banking relationship with
Comerica Bank (NYSE: CMA).
Proceeds from the investment will be used for growth capital as DIRTT
aggressively pursues new agile construction opportunities in North
America and internationally, and will also support DIRTT's growth in
vertical markets including healthcare (DIRTT recently completed the
pediatric and neonatal ICU sections of Saudi Arabia's Makkah Maternity
and Children's Hospital).
"The Kayne Anderson investment and Comerica partnership highlight
DIRTT's growth potential and our success to date as North America's
leading provider of innovative and sustainable interior construction
solutions," says DIRTT President Scott Jenkins. "Comerica and Kayne
Anderson understand our future potential and we're confident their
support will allow us to accelerate our growth plans."
"We recognize DIRTT has achieved significant growth over the past year
and we're pleased to work with a company that has a proven record of
success," says J.P. Michael, Senior VP and Regional Managing Director
for Comerica Bank, Technology and Life Sciences Division. "Our team has
the expertise and knowledge to help businesses like DIRTT expand in a
number of different markets."
Edward Cerny, Managing Partner of Kayne Anderson, adds "DIRTT is truly
driving change in the interior construction industry with their
integrated use of technology and design. The Kayne Anderson team is
excited to support a company that has the potential for long-term
growth in an ever expanding market base."
DIRTT has seen significant year-over-year revenue growth since sales
began in 2005. The company has completed projects in the US, Canada,
Saudi Arabia, Lebanon, the UK, Singapore, Hong Kong, and Australia and
its expanding partner base now includes South Korea and China.
In addition to the investment from Kayne Anderson, DIRTT is well-funded
by shareholders including Expansion Capital, NGEN Partners, Apex
Venture Partners and Export Development Canada. The Kayne Anderson
investment (brokered by Raymond James) and Comerica banking partnership
closed December 6, 2012.
DIRTT Environmental Solutions (Doing It Right This Time) creates award-winning interiors with modular
architectural solutions for industries including corporate, government,
education and healthcare. The DIRTT family of solutions includes walls,
power, networks, millwork, raised flooring and ICE® software. All
elements support reconfiguration, customization, distributed
manufacturing, and a significantly lower carbon footprint than
conventional construction. DIRTT has manufacturing facilities in
Phoenix, Savannah, Kelowna and Calgary. These manufacturing teams work
in concert with more than 120 distribution partners throughout North
America, the Middle East and Asia. www.dirtt.net
Kayne Anderson Mezzanine Partners, with offices in New York, Houston, and Los Angeles, manages $600 million
in committed capital and invests in middle market companies across a
diverse range of industries, predominantly in North America. For
additional information, please visit http://www.kaynecapital.com
Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas,
Texas, and strategically aligned by three business segments: The
Business Bank, The Retail Bank, and Wealth Management. Comerica focuses
on relationships, and helping people and businesses be successful. In
addition to Texas, Comerica Bank locations can be found in Arizona,
California, Florida and Michigan, with select businesses operating in
several other states, as well as in Canada and Mexico. Comerica
reported total assets of $63.3 billion at September 30, 2012. To
receive e-mail alerts of breaking Comerica news, go to http://www.comerica.com/newsalerts.
SOURCE: DIRTT Environmental Solutions
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