Palm Beach Capital Announces Investment in The Midas Companies

WEST PALM BEACH, Fla.–(BUSINESS WIRE)–Palm Beach Capital Fund IV, L.P., through one of its investment
entities, today announced that it has made an investment in Midas
Utilities, LLC, Midas Flow Controls Mid-Atlantic, LLC and T.V.
Diversified, LLC (collectively “Midas” or “Company”), a seamlessly
integrated group of companies that provide a comprehensive range of
trenchless infrastructure rehabilitation services. Financial terms were
not disclosed.

For more than 45 years, Midas has been family owned and operated by the
Ventresca family, serving the Mid-Atlantic region through a
comprehensive portfolio of rehabilitation services and products for
critical water, wastewater and industrial pipe infrastructure. In that
time, Midas has grown to one of the premiere full-scale infrastructure
solutions providers in the northeastern United States with more than 160
employees and offices in Maryland and Florida. Midas offers a seamlessly
integrated suite of specialty services designed to address all unique
sewer, water and utilities infrastructure needs, encompassing trenchless
solutions, flow control and utility (traditional dig) for complete
turnkey solutions. The Company currently provides services in nine
states with headquarters in Capitol Heights, Maryland.

“We are very excited about partnering with Palm Beach Capital. PBC will
provide Midas the capital and access to strategic resources the Company
needs to leverage our four decades of experience and geographically
expand our trenchless infrastructure services,” stated David Ventresca.

Over decades of organic and acquisitive growth, Midas’s services have
expanded to include pipe bursting, manhole rehabilitation services,
bypass pumping services, CCTV, lift station repairs, excavation and a
number of ancillary services. The Company’s trenchless solutions offer a
series of technology-driven processes that address infrastructure
rehabilitation and repair concerns without requiring conventional
excavation. Midas’s solutions provide several advantages for
environmentally sensitive and difficult-to-access areas that would incur
significant costs or damage by traditional digging.

“We are excited to partner with the entire Midas team and to provide
them with the necessary growth capital to add additional resources and
equipment to expand their capabilities and geographic footprint,”
commented Michael Chalhub, Palm Beach Capital Partner and Chief
Operations Officer. “By numerous accounts, there is more than $1
trillion that needs to be spent in the U.S. to upgrade the vast, aging
water infrastructure system of mostly underground pipes; and we hope to
further position Midas as a leading provider to municipalities and
industrial clients for years to come.”

About The Midas Companies

Founded in 1972 and headquartered in Capitol Heights, Maryland, Midas
offers a comprehensive portfolio of rehabilitation services and products
for critical water, wastewater and industrial pipe infrastructure
throughout the Mid-Atlantic and southern region states. The Company’s
suite of specialty services encompasses trenchless solutions, flow
control and utility (traditional dig) for complete turnkey solutions.
For more information, please visit the company’s website at www.midascompanies.com.

About Palm Beach Capital

Founded in 2001, Palm Beach Capital is a private equity investment firm
with offices in both West Palm Beach and Tampa, Florida. Currently
investing out of its fourth committed fund, the firm focuses on high
growth investment opportunities and partners with management teams in
middle market management buyouts, recapitalizations and growth equity
investments. Since its inception, Palm Beach Capital has made
investments in 43 portfolio companies (48 distinct investments including
co-investment vehicles). For more information, please visit the firm’s
website at www.pbcap.com.

Contacts

Palm Beach Capital
Nate Ward, 561-659-9022
[email protected]