Mosaic Capital Partners LLC and Pine Street Capital Partners have invested in Express Medical Transporters Inc. of St. Louis, Missouri.
Mosaic announced the transaction on the heels of receiving an SBIC license in May, which allows it to operate as a small business investment company, according to a statement from Mosaic managing partner Dabney Smith.
The firm, which operates in partnership with investment bank Butcher Joseph Hayes LLC, will place Keith Butcher on EMT’s board of directors. Butcher is a founding partner of both Mosaic and Butcher Joseph Hayes.
Express Medical Transporters is an ambulatory provider of non-emergency medical and student transportation, with 10 locations across seven states.
The deal is Mosaic's second, after the Charlotte, North Carolina-based financial sponsor closed a January purchase of Lees Specialty Compounding LLC with the target's management.
Lees Specialty Compounding is a multi-location, traditional compounding pharmacy serving the greater Tulsa, Oklahoma market. Mosaic expects to put about $20 million into each deal and complete four to five transactions annually.
Pine Street, founded in 2004, provides capital to lower middle market companies that typically generate between $10 million and $75 million in revenue. The firm last invested mezzanine debt and equity in the add-on acquisition of Bradenton, Florida-based American Tin Ceiling by the firm's portfolio company Net Direct Merchants.
For more on Mosaic, a firm founded two and a half years ago, see the June feature "Recaps Turn to ESOPs."