The firm’s 2019 investment closed eight add-ons and quintupled EBITDA, marking largest RF Fund I exit to date

RF Investment Partners, a provider of structured growth capital, is pleased to announce the exit of SPATCO Energy Solutions, a leading provider of sales, service, maintenance, installation, and compliance solutions for fueling infrastructure across the United States and Canada. RF is also pleased to announce it has invested in the SPATCO $230 million continuation fund led by Kian Capital Partners and Apogem Capital.

SPATCO has built a solid reputation for delivering high-quality products and outstanding customer support, establishing itself as a leader in the petroleum industry since the 1930s. Based in Charlotte, SPATCO operates 33 offices with a team of 1,000 dedicated professionals. Serving the company for over 20 years, John Force was named President and CEO in 2021.

In partnership with Kian Capital Partners, RF Investment Partners supported the initial investment in SPATCO with its SBIC Fund I investment in late 2019. Since then, SPATCO has closed eight strategic add-on investments, generated extensive geographical growth, and quintupled its EBITDA, making it RF’s most significant exit in firm history. RF plans to continue to support SPATCO and its management team by reinvesting in its recently announced continuation fund.

“RF’s initial investment in SPATCO set the stage for exponential growth over the last five years,” said SPATCO President and CEO John Force. “RF stands for relationship first, and Peter and his team have upheld every end of that promise — from supporting our board to hosting and having me at their inaugural RF CEO Summit. The combined efforts of the RF and Kian teams have enabled us to reach landmark results in the fueling infrastructure sector.”

“On behalf of our LPs, we are thrilled to announce this historic exit,” shared RF Managing Partner Peter Rothschild. “The results are a testament to the collaborative strategic vision and hard work of our partners and the SPATCO management team. RF remains committed to helping visionary founders take their businesses to the next level in every way possible. We are proud of SPATCO's achievements and look forward to continuing to support them in building a legacy of excellence in customer service and innovation.”

ABOUT RF INVESTMENT PARTNERS

RF Investment Partners provides capital ranging in size from $10 million to $40 million to support leading domestic, lower-middle-market companies. RF partners with family-owned and private businesses in a variety of situations, including acquisition financing, growth capital investments, recapitalizations, refinancings, and management buyouts. RF's investment professionals have significant experience investing across the capital structure and have the flexibility to structure deals to meet the distinct needs of each company and situation. RF invests in unitranche, second lien, and subordinated debt alongside preferred and common equity.

ABOUT SPATCO

SPATCO Energy Solutions is a single-source supplier, installer, and maintenance provider of innovative liquid handling equipment for petroleum, industrial, DEF, and Electric Vehicle charging. For over 88 years, SPATCO has been a trusted leader in customer service with their longstanding customer base of national and regional convenience store operators, major oil companies, commercial fleet and military fueling facilities, trucking companies, regional oil jobbers, and commercial bulk petroleum plants. SPATCO is headquartered in Charlotte, NC with 30 additional office locations across the Southeast, with service and support extending across the United States. To learn more, visit www.spatco.com.

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