Breakwater Management Provides Buyout Financing for the Acquisition of Split Rail Fence & Supply Co.

Backs private equity sponsor Building Industry Partners in forming new fencing distribution & installation platform.

LOS ANGELES, MAY 2016 – Breakwater Management, LP (“Breakwater”) is pleased to announce the recent closing of debt and equity financing in conjunction with Building Industry Partners’ purchase of Split Rail Fence & Supply Co. (“Split Rail”). Breakwater provided a second lien loan and minority equity co-investment through its direct lending vehicle, the Breakwater Credit Opportunities Fund, LP. Based in Los Angeles, Breakwater is a private investment firm that specializes in direct debt and equity investments in leading lower middle market companies.

Eric Beckman, Managing Partner at Breakwater commented: “BIP is a leading private equity investor in the building products sector, and we are thrilled to support them in this marquis transaction.  We look forward to a long-term partnership with BIP and the Split Rail management team, and are excited to provide the company additional growth capital in the future.”

BIP Founder Matt Ogden stated, “This was our first time working with Breakwater, and they showed flexibility and creativity in this financing.”  BIP Managing Partner Zach Coopersmith added, “The Breakwater team emphasized integrity and partnership as key tenets of their approach, and they delivered in both regards.  We look forward to working with them again soon.”

ABOUT BREAKWATER MANAGEMENT, LP

Breakwater Management is a private investment firm that specializes in direct investments in lower middle market growth businesses. The firm serves as General Partner of Breakwater Structured Growth Opportunities Fund, LP, a $100 million open-ended private investment partnership organized in August 2008 under Delaware law. The Fund’s investment objective is to generate both current income and capital appreciation through secured debt investments accompanied with equity participation rights, primarily in growth-oriented companies across a variety of industries.

To learn more about Breakwater, visit www.breakwatermgmt.com or call (424) 777-4000.

ABOUT BUILDING INDUSTRY PARTNERS, LLC

Building Industry Partners is a private growth equity investment firm focused on the U.S. middle-market building products industry.  The firm seeks to partner with proven building industry operators who either own or want to acquire a niche-focused building products manufacturer, distributor and/or provider of specialty services.

ABOUT SPLIT RAIL

Split Rail was founded in 1974 and today is the leading fencing supply and installation business in the Front Range of Colorado. Split Rail has over 120 employees, with locations in Littleton and Dacono, and serves the markets’ local, regional and national homebuilders, homeowner associations, multi-family and commercial builders and developers, municipalities, fencing and remodeling contractors, and homeowners. Split Rail has a legacy of more than 40 years in the Colorado community and building industry, with an estimated 100,000+ Split Rail banners displayed on fences throughout the Front Range of Colorado.

For more information, please visit www.splitrailfenceco.com.

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Dear friends,

It is with profound sadness that we relay news of the recent death of our partner Saif Mansour. Saif passed away suddenly on October 27th due to an undiagnosed heart condition.

Saif founded Breakwater in 2009 as a young entrepreneur, with the vision of creating an investment firm that reflected his commitment to excellence, integrity, and long-term partnership. He was an incredibly intelligent, energetic, kind, and charismatic person, and a great connector of people who brought joy to everyone who knew him. He was a talented investor, a wonderful friend, and a natural leader.

Saif’s passion for Breakwater was surpassed only by his enormous love for his wife and their two young children. We grieve with them and extend our deepest sympathies to all of his family and friends.

We are heartbroken by this terrible loss but will honor Saif’s memory by continuing to build a firm that reflects his entrepreneurial spirit and core values. May his memory be a blessing to us all.

Sincerely,
The Breakwater Family

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