HRCP Investment:
Galveston Houston Company
     
    Situation:
    This publicly-traded manufacturer of industrial equipment was in need of capital to complete the final element of its restructuring.  Serving its primarily energy-related customers through industry boom and bust cycles had created an overly leveraged balance sheet.  Core operating units were profitable however, under the leadership of highly competent managers.
Solution:
    HRCo provided an equity infusion to the company which was used to retire senior bank debt at a steep discount, thus strengthening the balance sheet to support the ongoing operations.
Result:
    With a stronger balance sheet and continuing profitable operations, the stock responded favorably and HRCo reduced its investment in the company through non-disruptive open market transactions.


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