Chicago, IL – June 29, 2011; City Capital Advisors, a Chicago-based middle market investment bank, is pleased to announce the completion of a $15 million private placement of equity capital for Chicago-based SMS Assist LLC. SMS Assist utilizes a proprietary online software platform, ServiceTrack™, to manage the outsourcing of facilities maintenance services for national clients including big- and small-box mass merchants, specialty retailers and other multi-location operations throughout North America. Its services include floor waxing and stripping, snow and ice removal, landscaping, parking lot maintenance, and a variety of mechanical services. SMS currently manages such outsourced services online at more than 20,000 customer locations, utilizing a growing cadre of more than 10,000 subcontractors who comply strictly with the Company’s rigorous standards for reliability and performance.
The $15 million investment was provided by Chicago-based New World Ventures, founded by J.B. Pritzker of the Pritzker Group. The new capital will be used by the Company to continue its rapid growth.
“It is a privilege to work with a truly disruptive growth company like SMS Assist, which is combining its innovative software technology with outstanding customer service to transform an otherwise mundane industry,” said Scott H. Lang, the City Capital Managing Director who advised SMS on the transaction. “It is also worth mentioning that this transaction has an all-Chicago cast,” Lang pointed out. “The equity investor, New World Ventures, is a leading Chicago venture capital/private equity firm that backs companies with sustainable technological advantages like SMS. SMS’ senior lender, Harris Bank, and its mezzanine capital provider, Granite Creek Partners, both of whom City Capital worked with last fall in connection with a debt financing for SMS, are Chicago institutions. In fact, all of the players including SMS and our firm are located within a few blocks of each other. We could have searched all over the country and not have found a higher quality, more compatible team.”
Mike Rothman, SMS’ founder and CEO, echoed Lang’s comments: “We are very pleased that our company will continue to have ample capital to continue our growth by expanding our customer base and our service offerings. We have several very significant opportunities immediately ahead of us, and it is gratifying to know that we are supported not only with capital but also with the tremendous talent and many relationships that New World Ventures and The Pritzker Group can bring to our company. We appreciate the excellent job that Scott Lang of City Capital did in helping us complete this transaction.”
About City Capital Advisors
City Capital Advisors is an investment bank that advises private and publicly held middle market companies and their owners on sell-side and buy-side mergers and acquisitions; on private capital raises for growth, acquisitions, and ownership transitions; and on financial restructurings. The firm’s eight managing directors, who average more than 20 years investment banking experience, have completed more than 500 middle market transactions over their careers with an aggregate transaction value exceeding $60 billion.