- Leadership: Jason Feagans, Ryan Conrad
- Prospect Team: Brett Holcomb, Colin O’Donnell
- Location: Bloomington, IN
- Industry: Specialty Services, Logistics
- Investment Date: May 2022
- Exit Date: N/A
Blackwood is a provider of specialty transportation, logistics management, recycling, and disposal services for electric utilities and related businesses in over 20 states.
The company’s asset-based, self-performance model delivers best-in-class customer service to major electric utility customers, electric utility related manufacturing facilities, and railroad operators. Blackwood utilizes its fleet of self-loader trucks, semi tractors, and specialty trailers to offer turn-key solutions for complex logistic and inventory management projects.
Our investment in Blackwood provides an example of how we work with strong, entrepreneurial owners to provide growth capital and strategic advice, so that the Company can build on the legacy established by its founders.
We were introduced to the founders of Blackwood via an investment banker. The Blackwood team was looking to find a partner to help guide them through their next phase of growth and provide capital to capitalize on the strong momentum created by the expanding customer demand they were experiencing. Prospect Partners quickly established a strong rapport with the team and structured a deal that balanced the current and future economics needed to meet the team’s financial goals, while also providing the capital needed to grow the business.
We were impressed by an experienced, family-led leadership team whose business provides a unique, recurring service with a proven playbook for profitable growth in a niche market segment. As a result of the Company’s exceptional customer service, Blackwood had excellent contract retention levels and a very stable long-term relationships. Prospect Partners made a control-equity investment in Blackwood and is working closely with the team to expand the leadership group and pursue strategic growth opportunities.
- Striving to be a data-driven organization, providing the opportunity to partner with leading electric utilities and significantly grow the business
- Closed one add-on acquisition within four months of Prospect Partners’ investment; pursuing other add-on acquisitions that expand the reach into highly profitable adjacencies
- Opened new intermodal inventory management division
- Established strong partnership with Jason Feagans, Jamie Feagans, Ryan Conrad, and Nathan Broadfoot that began during diligence
- Implemented first equity incentive program for other key managers
- Developed structured board reporting package with appropriate KPIs and metrics
- Introduced the senior team to other industry executive leaders to share business insights and best practices
- Expanded internal and external finance function to match the needs of a growing business.
- Selected and began implementation of an industry specific Transportation Management System
Management Team Additions
- Recruited a highly talented CFO
- Built out the finance organization to allow senior management to spend more time on operations
- Added first outside customer relationship managers and deepened the operations team to allow for significant future growth
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