Press release
Capitol Investment Corp. IV to Combine with Nesco
WASHINGTON and FORT WAYNE, Ind., April 8, 2019 /PRNewswire/ -- Capitol Investment Corp. IV (NYSE: CIC; "Capitol"), a public investment vehicle, and Nesco
About this update from Lindblad Expeditions Holdings Inc.
[{"type":"text","content":"WASHINGTON and FORT WAYNE, Ind., April 8, 2019 /PRNewswire/ -- Capitol Investment Corp. IV (NYSE: CIC; \"Capitol\"), a public investment vehicle, and Nesco Holdings I, Inc. (\"Nesco\"), a leading provider of specialty rental equipment to the electric utility, telecom and rail end-markets, announced that they have entered into a definitive agreement in which Nesco will become a publicly listed company with an anticipated initial enterprise value of approximately $1.1 billion. Nesco is currently a portfolio company of Energy Capital Partners (\"ECP\"). \n\n \nNesco offers its specialized equipment to a diverse customer base for the maintenance, repair, upgrade and installation of critical infrastructure assets including electric lines, telecommunications networks and rail systems. With a nationwide rental fleet of approximately 4,000 units, Nesco provides its customers a vast and comprehensive product offering along with an unrelenting focus on service. As a one-stop shop, Nesco also offers its customers the parts, tools and accessories needed to fully equip their crews for activity in the field. Nesco's long-lived equipment assets offer highly attractive economic returns and the company has demonstrated strong financial performance with an Adjusted EBITDA margin of 49% in 2018 and a 24% compound annual growth rate of Adjusted EBITDA over the past two years.\nCapitol is the fourth public investment vehicle of Chairman and CEO Mark Ein and President and CFO Dyson Dryden, following three prior successful transactions. The Capitol team has the best track record of public investment vehicle sponsors, with all three of its prior investments consistently beating the broader markets with an average annualized return of 17%1.\n\"We work hard to set ourselves apart from other investment vehicles by scouring the world for outstanding companies where our team, and our capital, can be a catalyst to accelerate growth and then we actively engage with the businesses post-merger to help execute the business plan and create substantial long-term shareholder value. Nesco perfectly fits our model as it is uniquely positioned to benefit from the increased demand for its equipment as the result of the significant, consistent growth in infrastructure spending in each of its core end-markets – electric utility transmission and distribution, 5G deploymen...