Triangle Capital Corporation

Leave it to TCap

Founded in 2002 and headquartered in Raleigh, N.C., Triangle Capital Corporation works for middle-market firms, investing anywhere from $5 million to $15 million for leverage buyouts, management buyouts, recapitalizations, growth financings, employee stock ownership plans (ESOPs) and acquisition financings.  In addition, the firm (also known as TCap or Triangle) has an array of portfolio companies in a variety of industries, including lawn care, home furnishing, wind energy and even 3-D eyeglasses.

Off to a good start

TCap first went public in February 2007 and posted positive results for its first quarter as a publicly traded company, bringing in $804,730 in investment income compared with $505,638 for the first quarter of the previous year.  The encouraging results continued a year and a half later in spite of poor market conditions plaguing the industry.  In June 2009, Triangle Capital reported an upbeat second quarter, bringing in $6.6 million in investment income compared with $5 million for the second quarter 2008.

Shoring up capital

In September 2008, TCap finished talks with the Securities and Exchange Commission to put a shelf offering into effect.  The offering let the firm vend up to $300 million in additional shares in order to raise capital.  The SEC arrangement gave the firm up to three years to make the offering.  The firm's chief financial officer said that the offering will largely hinge on market conditions.

Keeping busy

Perhaps TCap's encouraging results have something to do with it keeping busy with a variety of transactions across fields.  Triangle invested in buyout financing of $8 million in subordinated debt and warrants in Inland Pipeline Rehabilitation in June 2008.  In the same month, Triangle invested in buyout financing for Wholesale Floors, buying $3.5 million in subordinated debt and warrants.  In September 2008, TCap invested $12.2 million in landfill operator Emerald Waste Services.  In November 2008, the firm closed a $7.8 million debt-and-equity investment in manufacturer Novolyte Technologies.

Despite the economic crunch that was felt by most companies in the United States, TCap still expanded its list of companies in its portfolio.  In March 2009, TCap invested at least $5.2 million at Tulsa Inspection Resources.  Then in August, investments poured in at Frozen Specialties for $7.5 million then the following month, with more than $10 million combined investments at Technology Crops International and Grindmaster-Cecilware Corporation.  With these active investments, TCap remained steady and sound for 2009 as its assets totaled at least $216 million as of June 2009.



Triangle Capital Corporation


3700 Glenwood Avenue
Suite 530
Raleigh, NC 27612
Phone: (919) 719-4770
www.tcap.com

STATS


  • Employer Type: Public
  • Stock Symbol: TCAP
  • Stock Exchange: NASDAQ
  • Chairman, President & CEO: Garland S. Tucker, III
  • 2008 Employees: 14

Key Financials

  • 2008 Income: $8 million
  • 2008 Revenue: $21 million

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