HRCP Investment:
Galveston Houston Company
    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.
    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.
    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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