HOUSTON, May 24, 2022 – Genesis Park Partners, LP (“Genesis Park Partners”) is pleased to announce its recent investment in Formwork Services and Supply, LLC (“Formwork” or the “Company”), an industry-leading independent provider of complete concrete forming and shoring solutions to the industrial, petrochemical, water treatment, power, infrastructure, sports, medical, and commercial building construction markets.

The $10.9 million investment consisted of $8 million in senior secured term debt and $2.9 million in common equity. The acquisition of Formwork was led by Freestone Partners and positions the Company for its next phase of growth. Texas Capital Bank provided a revolving line of credit to support the working capital needs of the company.

Mike Bishop, Founder and Chief Executive Officer of Formwork, said “I am excited to partner with Freestone and Genesis Park Partners. Their experience supporting small businesses, like Formwork, will be invaluable as we accelerate our growth over the next several years. I look forward to strengthening our offerings and delivering best-in-class service to our customers for years to come.”

Scott Clingan of Freestone Partners added, “Formwork is an impressive company and is highly regarded in the marketplace. We look forward to being a strategic partner to Mr. Bishop and the Formwork team, building on the strong foundation Formwork has laid over the past forty years.”
Curtis Hartman, Managing Partner of Genesis Park Partners, commented, “We are pleased to partner with Formwork and Freestone to drive continued success of this great company. Formwork is a welcome addition to our portfolio.”

About Formwork

Founded in 1982 and based in Houston, Texas, Formwork is an industry-leading independent provider of complete concrete forming and shoring solutions to the industrial, petrochemical, water treatment, power, infrastructure, sports, medical, and commercial building construction markets. Formwork primarily utilizes a company-owned rental fleet, uniquely comprised of the full spectrum of equipment from well-recognized concrete forming and shoring manufacturers. The Formwork value proposition is excellent customer service through several stages of the concrete forming process. With its experienced sales team and designers, Formwork collaborates with concrete subcontractors to provide CAD-generated, project specific, labor-saving designs and equipment lists related to the concrete pouring needs of a customer.

About Genesis Park Partners, LP

Genesis Park Partners is a Houston-based private credit and equity investment firm licensed as a Small Business Investment Company (“SBIC”) by the U.S. Small Business Administration. The Fund supports growth and later stage small businesses in the lower middle market through flexible capital solutions and strategic guidance. The Fund generally targets companies with at least $10 million of revenue and $2-10 million of EBITDA, with proven business models and seasoned management teams. Founded and managed by four experienced investment professionals with broad regional relationships, Genesis Park Partners is committed to partnering with the companies and management teams in which it invests to facilitate growth, transition, and success. For more information, visit www.genesis-park.com.

About Freestone Partners

Headquartered in Houston, Texas, Freestone Partners invests in companies with $10 to $50 million in annual revenue with potential for substantial growth. Freestone seeks to partner with management teams and/or selling owners to help small to medium-sized businesses achieve their growth goals. Freestone’s investment philosophy states that value is created by focusing on a few fundamentals: a sound investment process, solid management, viable business strategies, and outstanding operating execution. Freestone values more than the transaction – Freestone values the people involved. For more information, visit www.freestonepartners.com.