Praesidian Capital announced its USD 11.25 million investment in the form of first lien debt to Meheen Manufacturing. A first lien debt is a high-priority debt. In case of default, first lien debt holders would be paid before all other debt holders.
Praesidian Capital also added USD 500,000 to back up Evolve Capital's investment in the Washington-based beverage bottling machine company. Meheen Manufacturing is a portfolio firm of Evolve Capital. Praesidian Capital's investment in Meheen is the second it has made among the portfolio companies of Evolve within the last year alone.
Founded by Engineer Dave Meheen in 1992, the bottling firm manufactures bottling machines for brewpubs, microbreweries, and other bottlers. In order to maintain foaming, filling and pressure, the bottling firm uses sophisticated computer controls. They also have a tank manager that can control for such factors as tank pressure, temperature and carbonation at precise levels. Meheen said it hopes to take their company to the next level with the support of Praesidian Capital and Evolve Capital.
Praesidian Capital Partner Glenn Harrison saw great value in the firm. "Meheen holds a strong position in the growing craft brewing industry and has partners in place to continue its growth," he said.
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