Cyprium Partners Announces $36 Million Investment in Ohio’s Kellermeyer Building Services, LLC
CLEVELAND, OH – February 22, 2007 – Key Principal Partners (KPP), a $1 billion private equity and mezzanine firm, announced today an investment of $36 million in subordinated debt and preferred equity in Kellermeyer Building Services. The transaction was made to facilitate the management buyout of the company. As part of the transaction, Kellermeyer’s existing management team rolled a significant amount of equity back into the company.
“Kellermeyer is a leader in its industry, and the management team’s commitment to the company ensures that it will continue its strong growth,” said John Sinnenberg, CEO of KPP.
Kellermeyer Building Services, founded in 1967, is a leading provider of customized commercial cleaning services to the retail industry, serving approximately 2,500 stores across 46 states. The company, based in Maumee, OH, employs approximately 6,000 people and has annual revenues in excess of $100 million.
“We look forward to partnering with KPP to continue to build our business and expand into new opportunities,” said Ken Sander, Chairman and CEO of Kellermeyer Building Services.
The investment in Kellermeyer Building Services marks the third investment from KPP’s third fund, KPP Investors III, which closed in December 2006.
About Key Principal Partners
Key Principal Partners (KPP) is a nationally recognized private investment firm providing capital to middle market companies throughout North America. KPP utilizes mezzanine and equity capital to fund the growth, buyout, refinancing or acquisition of profitable companies. KPP’s flexible approach to structuring investments does not require control of companies. KPP has over $1 billion in capital under management and can invest $7 million to $35 million in companies with at least $20 million in revenue. Headquartered in Cleveland, KPP is affiliated with KeyCorp, and has offices in Greenwich and San Francisco. For additional information, visit: www.keyprincipalpartners.com.
About KeyCorp
Cleveland-based KeyCorp is one of the nation’s largest bank-based financial services companies, with assets of approximately $93 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally.