Follow the Money: Boardroom Salon, Kristi & Kids Get Funding; Which Wich Buys Gelato Chain

From Scout Energy to Montgomery Capital and Higginbotham, here are some of the deals by companies and investors with North Texas ties.

funding

BOARDROOM SALON GETS MAJORITY-STAKE INVESTMENT FROM LIGHTBAY

Southlake-based Boardroom Salon for Men announced Thursday that it has closed on an investment by affiliates of Los Angeles-based private equity firm LightBay Capital.

LightBay will take a majority stake in the company and accelerate Boardroom’s growth. No financial details of the deal were released.

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[Photo courtesy of Boardroom Salon for Men]

Founded in 2004 by Bruce and Heather Schultz, Boardroom Salon is known for combining an old-time barbership and 1920s country club environment in which men can relax and enjoy a high-quality haircut, shave, and spa services.

The Schultzes will retain a significant ownership stake, Boardroom said in a release. With the investment, Boardroom plans to accelerate its growth plans by significantly increasing the number of salons and markets in which it operates.

“Bruce, Heather, and the leadership team have done a remarkable job of building a differentiated, premium experience for Boardroom’s clients and team members,” LightBay partner and co-founder Adam Stein said in the release.  “We are excited to partner with management to support the company’s national expansion and bring Boardroom’s high-quality services to new markets.”

KRISTI & KIDS RAISES $200K IN EQUITY FUNDING ROUND

Fort Worth-based Kristi & Kids Enterprises LLC said it has raised $200,000 of an $800,000 equity round.

According to a filing with the U.S. Securities and Exchange Commission, the minimum investment accepted from an outside investor is $50,000.

Kristi & Kids Enterprises provides educational and entertainment services in the form of live programs in the field of character building, bullying prevention, and assisting special needs children.

SCOUT ENERGY CLOSES 4TH FUND WITH $500M RAISED

Scout Energy, a Dallas private investment firm, has closed it’s fourth fund by raising $500 million, the Dallas Business Journal reported.

The DBJ said that Scout Energy registered the fund in November, citing a past filing. The firm invests in producers of oil and natural gas across Texas, Kansas, Oklahoma, Montana, and North Dakota.

Sources told the publication that the fourth fund already is 80 percent invested. Scout attracted institutional investors, endowments, pensions, health-care systems, and some foundations, according to the DBJ.

MONTGOMERY CAPITAL RAISES $7.1M FOR INVESTMENTS

The DBJ reported that Plano-based Montgomery Capital Advisers has raised more than $7.1 million for investments, with contributions from nearly 80 investors.

Montgomery Capital Advisers, founded in 2001, invests in distressed debt as well as equity holdings in middle-market businesses, according to the DBJ. The publication said that among MCA’s investments are Halo Technologies, a tech company that produces software for managing real estate bought in foreclosure, and Pet Vet, the veterinary partner of Petco. 

MERGERS & ACQUSITIONS

WHICH WICH FOUNDER ACQUIRES 32-UNIT GELATO CHAIN

JeffSinelli

Jeff Sinelli of Sinelli Concepts. [Photo by Marissa DeFalcis]

The parent company of Which Wich has acquired Dallas-based Paciugo Gelato Caffe, a 32-unit gelato chain that it will begin expanding across the U.S.

Dallas-based Sinelli Concepts International did not disclose any terms of the deal.

According to Restaurant Business, Paciugo is the nation’s largest gelato concept and was founded in 2000 on a family recipe. It had more than $13 million in system sales in 2017, according to data from Technomic. 

Jeff Sinelli told Restaurant Business that the acquisition helps his company expand because, while Which Wich performs well as lunch, Paciugo’s does well during the dinner period. Sinelli said that his company would begin working on an expansion of Paciugo into markets nationwide. Paciugo will operate independently from Which Wich.

We recently featured Which Wich’s research and development facility in downtown Dallas in a Dallas Innovates article. 

FORT WORTH ENVIRONMENTAL FIRM BUYS TWO COMPANIES

TAS Environmental Services LP, a Fort Worth-based environmental services provider and portfolio company of TEAM Partners LLC, has made two add-on acquisitions of Texas-based environmental services companies, the Fort Worth Business Press reported.

TAS acquired Orange-based Donovan Industrial Service LLC and ROTAP LLC. Donovan provides environmental service for hazardous and non-hazardous materials, while ROTAP provides transportation and rentals of roll-off boxes, tanks, pumps, and related items, the Business Press said. No financial terms of the acquisitions were disclosed.

HIGGINBOTHAM ACQUIRES FRIENDSWOOD AVIATION RISK FIRM

Fort Worth-based independent insurance broker Higginbotham has acquired the business of Friendswood-based Colt Risk Management, an independent commercial insurance broker specializing in aviation risk.

Higginbotham has practice groups in more than 20 industries, according to the Fort Worth Business Press.

MORE DEALS

Southlake private equity firm Ancor Capital Partners has sold Canada-based WellSpring Pharma Services Inc. to Minnesota-based ANI Pharmaceuticals Inc. in an $18 million cash deal that was finalized earlier this month. The DBJ reported that Ancor previously divided WellSpring up, selling off its prescription drug operation in 2014 and its consumer health unit in 2017. This recent deal with ANI was the final part of WellSpring to be unloaded. 

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Funding and Exit Successes

Who are those companies that are finding funding or having a big exit? We’re tracking what’s happening in North Texas in the Dallas-Fort Worth Innovation Guide. 
Browse our funding and exit successes →

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Texas is home to every stage of capital that a growing company may need. Angel investors, family offices, venture capital, and private equity firms are looking to find — and invest in — great companies. 
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