Sand Oak Capital Completes Investment in LCR Contractors

Sand Oak Capital (“Sand Oak”) announced today that it has completed an investment in LCR Contractors (“LCR”). Headquartered in Dallas, Texas, LCR is one of the largest spray fireproofing and spray applied thermal insulation subcontractors in the United States.

“We are extremely excited about our partnership with LCR,” said Jeff Mizrahi, Partner at Sand Oak Capital. “Buddy and Clay Spicer have built an exceptional business addressing a critical safety feature of building construction, renovation, and maintenance. With the strengthening of building codes and increased focus on energy efficiency, LCR is well-positioned for future growth.”

“Sand Oak brings a wealth of experience investing in and growing family-owned businesses,” said Clay Spicer, President of LCR. “We look forward to taking LCR to the next level with our new partners.”

Pinecrest Capital Partners acted as the exclusive financial advisor to LCR on the transaction. Gladstone Capital Corporation (NASDAQ: GLAD) provided financing to Sand Oak.

About LCR: LCR Contractors specializes in providing spray applied fireproofing and spray thermal insulation services to commercial and residential construction projects. Headquartered in Dallas, Texas, LCR dispatches crews throughout Texas and the United States to complete jobs in its pipeline. LCR’s management team has more than 130 years of experience in spray fireproofing and related industries. Additional information about LCR is available at www.lcrcontractors.com.

About Sand Oak: Sand Oak Capital is a private equity firm that invests in closely held businesses with sustainable competitive advantages and untapped growth potential. Sand Oak’s principals have invested in more than 20 companies, working with company founders, owners and management teams to identify growth opportunities and maximize return on invested capital. Additional information about Sand Oak is available at www.sandoak.com.

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