Introducing FullTerra, a nationwide family of leading design-build companies for specialized environmental mitigation services - Jan. 7, 2025
The first national platform for complex VOC, vapor, radon, and methane mitigation needs from design-to-build-to-monitoring formed through the combination of five industry-leading companies
January 7, 2025 – American Working Capital (AWC) and Delos Capital are pleased to announce the creation of FullTerra, a nationwide family of leading brands in specialized environmental mitigation services. FullTerra provides national design-to-build-to-monitoring solutions for clients that unlock development possibilities for the built environment and create safer spaces to live and work. (www.fullterra.com)
FullTerra’s team of talented engineers, geologists, installers and inspectors have designed and installed more than 100 million square feet of barrier solutions in over 40 states marrying local regulatory knowledge with nationwide installation capabilities.
"FullTerra leverages the collective expertise and combined depth of our personnel with the strength of our national platform to deliver unparalleled solutions,” said Brian Kramer, FullTerra’s CEO. “Our commitment to excellence and quality ensures the best possible outcomes for our clients, driving innovation and growth in environmental mitigation."
Local Approach, National Reach The FullTerra family of brands includes Advanced Construction Technologies (ACT), Applied GeoKinetics, Elite Radon Team, Clean Vapor, and Midwest Barrier Solutions. Each brings unique strengths, expertise, and a strong regional reputation.
“While each company is a leader in its own right, whether it be existing or new building mitigation, across commercial, residential, industrial, or other end markets, combining these leading companies under the FullTerra platform ensures every company and every client benefits from its national capabilities,” said Jason Rosenthal, Partner at AWC. “Delos and AWC are thrilled to support the entire FullTerra team as they continue to expand into new markets and services.”
Each company will continue to operate under its own name but benefit from the full suite of resources FullTerra provides. This structure maintains customer relationships, local touch, and knowledge of individual regulatory environments while allowing national collaboration, providing the best possible experience for the end customer.
About American Working Capital (awcfund.com) AWC provides capital to address ownership transition and growth needs in privately held middle market companies. The partnership is owned and managed by a group of experienced financial and management professionals with extensive experience working with privately held businesses, their owners and management teams.
About Delos Capital (www.deloscap.com) Delos is a private equity fund that partners with strong management teams and strategic owners to invest in high-quality lower middle-market companies. Over the past 15 years, the Delos team has invested in more than 40 companies operating in a variety of sectors.
For more information, please contact: Logan Ross Chief of Staff FullTerra [email protected]
Concord, Atlas and EMF bank big return on ‘record’ sale of 2007-built Aframax - Jun. 20, 2023
Tradewinds - Jun 20, 2023
Denmark’s European Maritime Finance (EMF) and its partners Atlas Maritime and Concord Maritime have concluded a profitable deal to sell an older aframax into India.
The financier said the 116,000-dwt Dakota Strength (built 2007) has gone for a “record” price of $39.5m. This will deliver a return for EMF of 220% and 115% from the two separate investments it made in the tanker.
“This investment will provide yet another successful return for our clients and continue to build our long-term reputation for achieving excellent returns to our investors,” said EMF chief executive Martin Haugaard.
The ship was bought for $21.5m in 2019 from Arcadia Shipmanagement in Greece. Brokers had put a price of $40m on the deal, with a special survey passed. This aligns with independent valuations of the ship, which has been renamed the Kira K under unknown India ownership. The tanker was the first vessel acquired by Connecticut-based commercial manager Concord Maritime, led by founder and CEO Ben Ognibene.
The ship was under joint ownership. Atlas was the technical manager while Concord was the commercial manager. The tanker joined Concord’s Dakota Tankers aframax/LR2 pool, which was established in August 2018 and had 10 vessels at that time. The members were Concord, Atlas Maritime and Chartworld of Greece, and Emarat Maritime of the UAE.
The Dakota Strength traded in the Concord pool for six months from December 2019 until May 2020 and enjoyed historically high spot rates. Concord then developed and secured a lucrative two-year time charter at $24,000 per day with SAF, a Canadian oil trader, at the peak of the market in May 2020.
This provided solid cash flows during the pandemic and in one of the weakest periods for tankers in recent history, TradeWinds is told. The charter ended in May 2022 when the market was booming again, and the ship then enjoyed spot exposure in the pool once more, until the sale.
The principals of Atlas and Concord have enjoyed an excellent relationship that dates back almost 20 years, Atlas said. Stephen Schueler, EMF chairman, added: “We are committed to being market leaders in sustainability and are proud of delivering positive returns for our shareholders. EMF and Atlas Maritime have a strong track record leading the maritime industry transition to greener and cleaner fuel.
AWC Announces Investment in Advanced Construction Technologies and Applied GeoKinetics - Oct. 25, 2021
American Working Capital (“AWC”) is pleased to announce an investment alongside Delos Capital (“Delos”) and Company management in ACT GeoKinetics Topco (“ACT GeoKinetics” or the “Company”), an entity formed to acquire Advanced Construction Technologies (“ACT”) and Applied GeoKinetics (“GeoKinetics”). ACT GeoKinetics is the leading environmental engineering and design/build firm focused on complex soil vapor intrusion issues. The Company offers full lifecycle solutions from site assessment and permitting to design, installation, maintenance and monitoring of complex vapor intrusion mitigation systems for commercial and residential real estate developers, owners, and operators as well as municipal governments and commercial customers. The increasing scarcity of uncompromised land for prime development and a continuously more restrictive regulatory environment create an acute need for integrated geotechnical and soil vapor intrusion assessment, implementation and monitoring solutions. ACT GeoKinetics is uniquely capable and expertly positioned to deliver services and solutions which unlock value and mitigate risk for the commercial, residential and municipal real estate development market. AWC and Delos have invested in ACT GeoKinetics to support its further growth and development as the premier national provider of soil vaper intrusion assessment-mitigation solutions.
“We are excited to partner with Glenn Tofani, Scott Cole and the rest of the Company’s management team. The leadership of ACT GeoKinetics is truly world-class in its industry and has helped to set the standard by which many cities regulate vapor intrusion risk and the solutions to mitigate the risk” said Jason Rosenthal, Partner at AWC. Glenn Tofani P.E., ACT GeoKinetics’ Chief Executive Officer, stated, “I am thrilled about the opportunity to partner with AWC and Delos to expand our geographic reach to serve existing and new customers on a national basis while continuing to deliver the great service we have always delivered for our clients in the Western United States.” About American Working Capital: AWC provides equity and structured equity capital to address ownership transition and growth capital needs in privately-held companies. AWC is active across a range of industries with a particular focus on transportation/logistics, environmental services, distribution, and business services.
About Delos Capital: Delos, founded in 2013, is a lower middle-market private equity firm specializing in management buyouts, recapitalizations, and growth investments.
For more information on American Working Capital please visit www.awcfund.com or contact us directly via either: Jason Rosenthal at 312-244-6956; [email protected] or Bryce May at 312-244-6955; [email protected].
AWC Announces Investment in Salva Terra Holdings - dec. 14, 2020
American Working Capital is pleased to announce an investment in Salva Terra Holdings, an independent company developing waste processing capabilities in the Western United States. Through its OT-1 investment fund, and along with Castellan, AWC made this foundational growth investment in support of two seasoned operating executives. In addition to waste processing, the Company has been well capitalized to engage in ancillary verticals across the waste supply chain. AWC has successfully invested in the waste industry previously and believes that the recession resistant nature of the industry provides attractive risk adjusted return opportunities. “We are excited to partner with Salva Terra’s impressive management team. Their experience building waste processing platforms, combined with AWC’s industry experience, relationships, and financing expertise positions Salva Terra to offer a compelling solution to waste generators” said Bryce May, managing partner of AWC. After a period of construction and development, Salva Terra intends to begin commercial operations in 2022.
About American Working Capital: AWC, through its OT-1 fund and alongside trusted co-investment partners, provides equity and structured equity capital to address ownership transition and growth capital needs in privately-held companies. AWC is active across a range of industries with a particular focus on transportation/logistics, distribution, and business services.
For more information on American Working Capital please visit www.awcfund.com or contact us directly via either: Bryce May at 312-244-6955; [email protected] or Dan Christoffel at 312-244-6953; [email protected].
International Seaways to join Dakota Tankers of concord maritime - Feb. 20, 2020
Concord Maritime is pleased to announce that International Seaways is joining the Dakota Tankers Aframax Pool with three Aframaxes in the coming days. This includes the M/T Seaways Redwood (112,792-dwt built-2013), the M/T Seaways Yellowstone (112,989-dwt built-2009), and the M/T Seaways Yosemite (112,905-dwt built-2009). The NYSE-listed, New York-headquartered owner, will participate in the Pool alongside Atlas Maritime, Chartworld Maritime Management Corporation, Emarat Maritime, and Concord affiliate TankerTime. The Dakota fleet size will increase to 14 vessels with the addition of the Seaways Aframaxes.
From its offices in Connecticut and England, Concord Maritime commercially manages a fleet of Aframaxes trading internationally with a focus on the US Gulf, Mexico, Caribbean and transatlantic trade routes. Concord’s commercial management platform offers its participants direct and efficient access to the tanker markets through a simple, straight forward and transparent pooling structure. International Seaways owns and operates a fleet of 40 vessels, including 13 VLCCs, two Suezmaxes, four Aframaxes/LR2s, 11 Panamaxes/LR1s and 7 MR Tankers. Through joint venture partnerships, the Company has ownership interests in two floating storage and offloading service vessels. Its Houston-based subsidiary, Lightering LLC, provides both full and support services for ship-to-ship transfer operations, and other maritime logistics requirements, for its clients in the US Gulf of Mexico, US Atlantic Coast, US West Coast, and throughout Panama and Bahamas.
AWC Portfolio company Concord Maritime buys first vessel in Arcadia deal - Dec. 13, 2019
Tradewinds by Joe Brady
Ben Ognibene-led commercial management and pooling outfit will employ Samsung-built aframax in Dakota Tankers pool.Connecticut-based commercial manager Concord Maritime has bought its first vessel, taking Arcadia Maritime’s 115,900-dwt Aegean Blue (built 2007).
Concord chief executive Ben Ognibene confirmed the purchase today in response to a query from TradeWinds, adding that his Stamford-based outfit has taken delivery and renamed the aframax tanker Dakota Strength. Ognibene declined to disclose the purchase price, which has been reported in the market at $22m. The tanker is worth $25.53m in the estimation of VesselsValue.
The former Arcadia tanker is expected to trade in Concord’s Dakota Tankers aframax/LR2 pool, which was established in August 2018 and currently numbers 10 units. The members are Concord, Atlas Maritime and Chartworld of Geece, and Emarat Maritime of the UAE.
Owning a tanker gives Concord “more control and optionality on the residual value,” Ognibene said. “We like the earnings profile of this age and type of tonnage and the overall aframax fleet profile over the next few years.” The shallow-draft Samsung-built unit is perfectly designed for US Gulf crude exports, he added. “The vessel has been meticulously maintained and operated at a very high standard since delivery from the yard,” Ognibene said.
AWC portfolio company Medway Air Ambulance acquires Critical Care MedFlight - OCT. 24, 2019
LAWRENCEVILLE, Ga., Oct. 24, 2019 /PRNewswire-PRWeb/ -- Air ambulance operator Medway Air Ambulance has acquired Critical Care MedFlight (CCM), further enhancing its position as a global leader in fixed wing air ambulance service. The combined organization will operate out of Medway's corporate offices in Lawrenceville, Georgia, and operate fully staffed operational bases at the Gwinnett County Airport in Lawrenceville, Ga. (LZU) and Witham Field in Stuart, Fla. (SUA).
"I am excited about the strength of our organization and the full complement of talent the CCM team brings to the combined organization," says Graham Cherrington president and chief executive officer of Medway. "The combination of Medway, CCM, and JetWay allows us to expand our geographic reach and serve more patients on a global basis." The brands in aggregate provide more than 1,800 transports annually, serving industry leading commercial insurance companies, hospital systems, travel assistance and repatriation companies, and governmental agencies.
"Medway shares CCM's commitment to operational excellence delivering the highest quality clinical care to our patients, says Matt Kinney, chief operating officer of CCM. "Together, we are better able to serve our mutual clients – both domestically and internationally." Kinney will continue as the chief operating officer of CCM and will become the combined organization's vice president of flight operations.
About Medway Since 1987, Medway Air Ambulance has provided over 14,000 medical transports to patients with complex medical conditions using their state-of-the-art logistics systems featuring enhanced flight tracking capabilities and an integrated medical record which provide for the seamless transfer of patients. The Company has earned accreditations from EURAMI and ARGUS International. Medway works with commercial insurance companies, travel assistance companies, and healthcare systems. For more information about Medway Air Ambulance, visit https://www.medwayair.com.
About Critical Care MedFlight Critical Care MedFlight was founded in 1985 in response to a need for high-quality and efficient air medical transportation of sick and injured patients. We work directly with patients, family members, social workers, case managers, and healthcare organizations to ensure that we maintain a "patient-first" approach to care, providing high quality care and safety from bedside to bedside. Our staff of Pilots, Mechanics, Dispatchers, Registered Nurses, Paramedics, Respiratory Therapists, and Physicians are on call 24 hours a day. Learn more at https://www.ccmedflight.com.
AWC Announces formation of concord maritime - Apr. 18, 2018
American Working Capital and Ben Ognibene are pleased to announce the formation of Concord Maritime LLC, an independent company specializing in the commercial management of third party crude tankers. In addition to providing commercial management services, the Company has been well capitalized to engage in significant time charter activity, projects and alternative working capital arrangements for tanker owners in conjunction with its commercial platform. Market consolidation and working capital solutions remain a priority for tanker owners facing a historically depressed freight environment. “We are excited to partner with Ben. His proven leadership abilities and experience building world class commercial management platforms, combined with AWC’s financing expertise and capability, uniquely positions Concord Maritime to offer competitive advantages to both existing and new participants in today’s challenging but dynamic marketplace” said Bryce May, managing partner of AWC. Ben commented, “I am looking forward to working with the AWC team. We share a clear understanding, mutual appreciation, and the common goal of delivering superior commercial performance and crucial operational and financial transparency to our partners. We value the reciprocal hard work, patience and determination that is required in developing long-term relationships.” Ben Ognibene is the former Chief Executive Officer, President and Board member of Heidmar Inc. During his 13 years at Heidmar, he was directly responsible for the development and growth of its Aframax/LR2 and Suezmax pools, and later oversaw the creation of the VLCC pool as MD of Pools and Projects. Before being appointed CEO, he held the positions of Chief Operating Officer and Commercial Director. When he resigned from Heidmar, third party pool participation had grown to 100 vessels. The company will commence operations in May 2018 from offices in Connecticut. About American Working Capital: AWC provides equity and structured equity capital to address ownership transition and growth capital needs in privately-held companies. AWC invests capital and manages portfolio companies as an independent sponsor and provides investment banking and strategic advisory services through its affiliate AWC Advisors LLC. AWC is active across a range of industries with a particular focus on transportation/logistics, distribution and business services.
AWC ANNOUNCES LAUNCH OF OT1 INVESTCO, LLC PRIVATE EQUITY CO-INVESTMENT FUND - MAY 14, 2018
American Working Capital, LLC (“AWC”) is pleased to announce the launch of OT 1 Investco, LLC (the “Fund”), targeted to change of control and growth capital investments in the lower middle market of USA based corporations. The Fund will focus on providing mezzanine debt and equity to companies with a minimum of USD $30 million in revenue and USD $5 million in EBIDTA operating primarily in specialty manufacturing, transportation and logistics, business services, distribution, healthcare and consumer focused markets.
OT 1 Investco, LLC is a co-investment platform formed by Air Tractor, Inc. of Olney, Texas and AWC. Founded in 1972, Air Tractor, Inc. is a leading manufacturer of purpose-built aircraft for agricultural, firefighting, and other utility applications. Since 2008, Air Tractor, Inc. has featured an employee stock ownership plan (“ESOP”) benefiting approximately 300 employee-owners. OT 1 Investco, LLC will make use of both ESOP and non-ESOP investment structures.
Since 2008, and with predecessor organizations dating back to 1981, the American Working Capital, LLC team has served as an advisor and capital provider to the closely-held company market with a focus on select industries and also a specialty advising on the introduction of Employee Stock Ownership Plans (ESOPs) as a tax advantaged ownership transition tool. The members of the investment team average more than 18 years working together. Headquartered in Chicago, IL, AWC also operates with offices in New York and Boston.
AWC founder Richard “Dick” May commented, “OT 1 Investco represents an exciting path forward for a mature, successful ESOP company seeking competitive investment returns in order to benefit its ESOP shareholders. Air Tractor has executed with confidence and competence for over forty years in a demanding marketplace. We are eager to help them deploy capital in a thoughtful manner that supports their mission, and we are proud that they have entrusted their capital to us.”
John Kober, a Partner at the law firm Morgan, Lewis & Bockius was instrumental in helping to launch OT 1 Investco., LLC. He commented that “the success of the management and employees of Air Tractor have created an investment platform and a model for others to follow. In selecting American Working Capital to serve as their capital deployment partners, Air Tractor has chosen a veteran and expert team to guide the process.” For further information about OT 1 Investco, LLC, contact [email protected] or call 312-244-6960
