CIC Partners Completes Investments in Main Street Restaurant Group, SignStorey and Continental Structural Plastics
In April 2005, CIC Partners closed a PIPE (Private Investment In Public Entity) transaction to provide growth capital to Main Street. “We couldn’t be more pleased with this transaction,” said Bill Shrader, president and chief executive officer of Main Street Restaurant Group. “Up to this point our ability to develop new T.G.I. Friday’s restaurants and remodel many of our existing locations has been limited by our capital constraints. Now, with this capital we will be able to accelerate our debt reduction plan which, as previously announced, is an integral part of our 2005 Strategic Business Plan. In addition, we will be able to accelerate our Friday’s remodel program and begin scouting for new 2006 locations which would open sooner than originally planned.” Shrader continued, “As a bonus, we will gain Mike Rawlings as a member of our board of directors. Mike’s many years of restaurant operations and business leadership will add a strong voice of strategic counsel not only in the board room but in our local marketing and operational efforts as well.”
SignStorey is a retail television network solution to be deployed at more than 2,000 supermarkets nationwide. Its retailer partners, including Albertsons, Pathmark and Price Chopper, see value in the company’s unique approach to creating an enhanced shopping experience that provides a combination of useful information to the consumer and high-impact advertising messages.
CIC and Enrico Investments LLC participated with Golden Gate Capital in a growth capital investment in SignStorey in May 2005.
Continental Structural Plastics, Inc. is a leading solutions-oriented provider of highly engineered, compression-molded thermoplastic composite components to the HVAC, automotive, heavy truck, marine and general industrial markets. The Company serves its customers from manufacturing facilities in Petoskey, Michigan and Sarepta, Louisiana.
CIC participated with Richard L. Scott Investments, LLC and the existing management team in the acquisition of CSP in February 2005.