Schneider Downs Corporate Finance Completes Recapitalization of Geo-Con

Standish Capital Enters Specialty Construction Market with First Investment

FOR IMMEDIATE RELEASE

CONTACT:
Mary Sestric
412-697-5343
msestric@schneiderdowns.com

PITTSBURGH, PA – Schneider Downs Corporate Finance announces the recapitalization of Geo-Con led by Standish Capital, a Pittsburgh-based private equity firm.

Geo-Con, the trade name of Environmental Barrier Company, LLC, is a privately held environmental remediation and geotechnical construction company based in Monroeville, Pennsylvania, near Pittsburgh.

Geo-Con, a leading innovator of subsurface technologies, provides solutions in the areas of environmental remediation; wetlands mitigation, enhancement and restoration; and geotechnical construction. Geo-Con is an industry leader in the construction of vertical barriers, Bio-Polymer collection trenches, permeable reactive barriers, soil stabilization, and wetlands restoration, as well as a trailblazer for newer and more efficient technologies. The reinforcement of levee walls, the type of work being done currently in New Orleans, is a particular expertise of the company. Since its founding in 1979, Geo-Con has successfully completed over 1,500 projects throughout the United States, Canada, Japan, Ireland and Australia and has been recognized as one of Engineering News Record’s Top 200 Environmental Firms.

“The timing of this transaction is perfect,” said Geo-Con CEO Brian Jasperse. “Because we had a strong balance sheet and a state of the art equipment fleet prior to the re-capitalization, we have earmarked virtually all of the capital infusion for the financing of new and larger projects. This allows us to procure projects that are being awarded as a result of the post-Katrina multi-billion dollar federal funding for levee restoration. Our strategy is already reaping benefits. Since the re-capitalization, we have landed two large projects in the Denver area that we previously would not have pursued, only further underscoring the excellent national reputation of the company. We are excited about the high growth potential of our services not only in the Pittsburgh region, but across the entire country.”

Schneider Downs Corporate Finance closed the deal with Standish Capital in late May. The recapitalization is the first investment for Standish Capital. Launched in the fourth quarter of 2005, the firm invests in small, privately held manufacturing and specialty service companies in the Mid-Atlantic and Midwest regions. Standish Capital’s investor base comprises both private individuals and institutions. The firm’s lead investor is Weichert Enterprise, a Morris Plains, New Jersey-based private equity firm. First Commonwealth Bank, based in Indiana, Pennsylvania, is also an investor. Standish Capital is managed by its three partners, Bob McGuire, Dale Buckwalter, and Rob Carskadden.

Financial details of the deal will not be disclosed.

Schneider Downs Corporate Finance provides investment banking and financial advisory services to clients, including mergers, acquisitions, divestitures, recapitalizations, and joint ventures. The firm works in a variety of industries nationwide – manufacturing, distribution, metals, automotive and construction, among others.

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