Franklin Square Capital Partners announced the origination of a senior secured term loan to Blueprint Sub, Inc. (doing business as iSqFt), a leading construction software company providing solutions designed to streamline the pre-construction process. The new financing will recapitalize iSqFt's balance sheet and support its acquisitions of construction data companies BidClerk and CDC Publishing. iSqFt is a portfolio company of Genstar Capital (Genstar), a San Francisco, CA based middle market private equity investment firm focused on the software, healthcare, financial services and industrial technology sectors.
The financing was provided by FS Investment Corporation, FS Investment Corporation II (FSIC II) and FS Investment Corporation III (FSIC III), BDCs managed by affiliates of Franklin Square and sub-advised by an affiliate of GSO Capital Partners LP (GSO).
"We are excited to work with Genstar and iSqFt to finance one of the largest construction software companies in the marketplace today," said Michael C. Forman, Chairman and Chief Executive Officer of FSIC, FSIC II and FSIC III. "The scale of our platform gives us the ability to provide customized financing solutions to our clients and to support our portfolio companies as they develop and grow their businesses."
Founded in 1993 and headquartered in Cincinnati, OH, iSqFt is a leading provider of cloud-based software tools, data and analytics to building product manufacturers, general contractors and subcontractors. iSqFt offers a premiere bid management software platform helping general contractors and subcontractors effectively manage projects in the planning and bidding phases. Additionally, iSqFt provides mission critical data, analytics and project leads to construction industry market participants.
FSIC is a publicly traded BDC focused on providing customized credit solutions to private middle-market U.S. companies. FSIC seeks to invest primarily in the senior secured debt and, to a lesser extent, the subordinated debt of private middle market companies to achieve the best risk-adjusted returns for its investors. In connection with its debt investments, FSIC may receive equity interests such as warrants or options.
FSIC is advised by FB Income Advisor, LLC, an affiliate of Franklin Square, and is sub-advised by GSO / Blackstone Debt Funds Management LLC (GDFM), an affiliate of GSO. GSO, with approximately $75 billion of assets under management as of March 31, 2015, is the credit platform of The Blackstone Group L.P. (Blackstone), one of the world's leading managers of alternative investments. For more information, please visit www.fsinvestmentcorp.com.
Franklin Square is a leading manager of alternative investment funds designed to enhance investors' portfolios by providing access to asset classes, strategies and asset managers that typically have been available to only the largest institutional investors.