Investments
2Portfolio Exits
1Partners & Customers
1About Cate Street Capital
Cate Street Capital, with offices in Portland, ME, Portsmouth, NH and Salida, CO, focuses on finding and supporting green technologies and environmentally sustainable projects for a better world.
Cate Street Capital Headquarter Location
1 Cate Street Suite 100
Portsmouth, New Hampshire, 03801,
United States
603-319-4400
Latest Cate Street Capital News
Apr 20, 2015
Tweet 4540617 The state of Maine will pay out $16 million in tax credits over the next three years for an investment that turned out to be largely illusory. “This payout of taxpayer dollars through 2019 will make whole a commitment the state made in December 2012 to encourage what was—on paper—touted as a $40 million investment in the resurgence of the Great Northern Paper mill,” even though “most of that $40 million was a mirage,” according to an investigation by the Maine Sunday Telegram . Roughly a year after the investment was received, the mill was shut down by its owner, private equity firm Cate Street Capital, and more than 200 workers were laid off. Shortly thereafter, Great Northern filed for bankruptcy with more than $20 million in outstanding debt. (RELATED: These Billionaires Make Bank When Taxpayers Subsidize Business) After a 5-month investigation into the deal, the Telegram concluded that, “Most of the investment was an illusion, in which one Cate Street subsidiary used roughly $31.8 million of the investment to buy the mill’s paper machines and equipment from another Cate Street subsidiary, after which that $31.8 million was returned to the original lenders the same day.” The true value of the investment, therefore, was only $8.2 million, “most of which [Cate Street] used to reduce existing debt.” In fact, the paper claims, “none of the money was invested in the mill.” (RELATED: GAO: Investors Double-Dipping on Tax Credits) If the $40 million figure had been accurate, the credits would have been worth about 39 percent of the total investment. In reality, however, the rebate is closer to double the amount that was actually invested. The credits are being paid out through Maine’s New Markets Tax Credits program, which is modeled on a federal program of the same name that has itself been criticized as a subsidy for wealthy investors and large corporations. (RELATED: Coburn Blasts Tax Credit as Subsidy for Large Corporations) According to The Bangor Daily News , the NMTC credits came under attack during Maine’s 2014 gubernatorial campaign, with candidate Eliot Cutler referring to the program as “corporate welfare and crony capitalism at its worst.” Despite such complaints, though, “Legislators in Augusta are considering a bill to raise a limit of $250 million to $500 million for the program,” the article claims.
Cate Street Capital Investments
2 Investments
Cate Street Capital has made 2 investments. Their latest investment was in Clean Runner as part of their Unattributed on July 7, 2012.
Cate Street Capital Investments Activity
Date | Round | Company | Amount | New? | Co-Investors | Sources |
---|---|---|---|---|---|---|
7/12/2012 | Unattributed | Clean Runner | $60M | Yes | 1 | |
9/7/2011 | Unattributed |
Date | 7/12/2012 | 9/7/2011 |
---|---|---|
Round | Unattributed | Unattributed |
Company | Clean Runner | |
Amount | $60M | |
New? | Yes | |
Co-Investors | ||
Sources | 1 |
Cate Street Capital Portfolio Exits
1 Portfolio Exit
Cate Street Capital has 1 portfolio exit. Their latest portfolio exit was Great Northern Paper Mill on December 03, 2014.
Date | Exit | Companies | Valuation Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model. | Acquirer | Sources |
---|---|---|---|---|---|
12/3/2014 | Acq - Fin | 1 |
Date | 12/3/2014 |
---|---|
Exit | Acq - Fin |
Companies | |
Valuation | |
Acquirer | |
Sources | 1 |
Cate Street Capital Acquisitions
6 Acquisitions
Cate Street Capital acquired 6 companies. Their latest acquisition was Purified Plastics on October 02, 2011.
Date | Investment Stage | Companies | Valuation Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model. | Total Funding | Note | Sources |
---|---|---|---|---|---|---|
10/2/2011 | Acquired | |||||
8/31/2011 | ||||||
3/2/2011 | Other | |||||
3/2/2010 | ||||||
2/2/2010 |
Date | 10/2/2011 | 8/31/2011 | 3/2/2011 | 3/2/2010 | 2/2/2010 |
---|---|---|---|---|---|
Investment Stage | Other | ||||
Companies | |||||
Valuation | |||||
Total Funding | |||||
Note | Acquired | ||||
Sources |
Cate Street Capital Partners & Customers
1 Partners and customers
Cate Street Capital has 1 strategic partners and customers. Cate Street Capital recently partnered with Zilkha Biomass Energy on March 3, 2014.
Date | Type | Business Partner | Country | News Snippet | Sources |
---|---|---|---|---|---|
3/10/2014 | Licensor | United States | Cate Street Capital , Inc. and Zilkha Biomass Energy LLC announce agreement to produce advanced black pellets . | 1 |
Date | 3/10/2014 |
---|---|
Type | Licensor |
Business Partner | |
Country | United States |
News Snippet | Cate Street Capital , Inc. and Zilkha Biomass Energy LLC announce agreement to produce advanced black pellets . |
Sources | 1 |
Discover the right solution for your team
The CB Insights tech market intelligence platform analyzes millions of data points on vendors, products, partnerships, and patents to help your team find their next technology solution.