WARREN — Conquest Firespray, the Warren-based manufacturer of fire-rated architectural and engineered duct systems, today announced that it had completed a $29 million refinancing with Pacific Growth Investors of Torrance, Calif.
Company officials said the deal provides growth capital during a period of “dramatic expansion for the company.
PGI originally invested in Conquest in April 2018. Now, PGI has returned to complete a second transaction.
Conquest’s proprietary Flamebar coated HVAC duct systems have been adopted by engineers, commercial developers, and contractors, as they discover Flamebar’s IBC-code-compliant, fire-rated HVAC systems.
“Conquest Firespray’s multi-faceted value proposition – code compliance, schedule acceleration, and cost avoidance – is entirely unique for commercial developers and contractors,” said Thomas Webster, co-founder and managing principal of PGI. “That’s why we continue to support Conquest Firespray with this 2019 refinance. Flamebar’s solutions require less space, are easy to install and bring projects into code compliance. Prospects for the company have never been brighter, frankly. They have continued to improve since our initial investment last year.”
PGI is focused on entrepreneurially owned, lower-middle-market businesses. The principals of PGI have more than 50 years of combined financial and operational experience across a variety of businesses. PGI partners with experienced owners, operators, and founders of established businesses who seek flexible, patient capital solutions with an aim towards accelerating growth.