DIRTT Environmental Solutions Ltd., a 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. The capital also will 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.”
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 Dec. 6, 2012.
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