March 14, 2017

Trive Capital Provides Flexible Capital Solutions to uSell and Circle 8

Dallas, Texas; New York, New York; Houston, Texas

Trive Capital (“Trive”), the Dallas-based private equity firm, is excited to announce it has recapitalized and partnered with uSell.com, Inc. (“uSell”) and Circle 8 Crane Services, LLC (“Circle 8”). Each of these transactions highlights Trive’s ability to tailor flexible capital solutions for its partners.

Trive’s investment in uSell in January 2017 exemplifies the firm’s ability to invest across various capital tranches with a publicly-traded partner. uSell acquires used smartphones, grades and repairs these phones, and then distributes them throughout the world using both its internal sales force and automated online platform. Trive refinanced the company’s existing credit facility and provided growth capital through a newly created special purpose vehicle for larger inventory purchases. The rapid growth of uSell over the last year created the need for a long-term capital partner who could also provide opportunistic support in the near-term.

Trive partnered with Circle 8 in February 2017 through a multi-tranche investment where traditional sources of financing were not otherwise available. Circle 8 provides operated and maintained crane lifting and pumping services to the oil and gas, commercial and industrial markets in the southern United States. Trive’s ability to execute on an accelerated timeline positioned the company to capitalize on the recent uptick in activity in its end markets, particularly in the oilfield. As with each of its portfolio investments, Trive will seek to augment the strengths of Circle 8’s highly talented management team with the financial and operational resources needed to achieve growth objectives.

Chris Zugaro, Partner at Trive Capital commented, “The uSell and Circle 8 transactions are examples of Trive’s ability to provide flexible capital structure solutions to companies that show strong strategic viability and transformational upside. Trive’s goal, agnostic of capital structure investment point, continues to be developing collaborative relationships with management teams and providing hands-on support to execute on various strategic opportunities.”

 

About uSell

Headquartered in New York, NY, uSell is a large market maker of used smartphones. The company sources devices from major carriers, retailers, and logistics providers and maximizes the value of these devices by reclassifying them, adding value to them, and moving them to those who want them most. uSell utilizes its experienced sales force and its automated marketplace platform to serve a global base of retail and wholesale customers.

 

About Circle 8 Crane Services

Headquartered in Houston, Texas, Circle 8 provides operated and maintained crane lifting and pumping services to the oil and gas, commercial and industrial markets in the Southern United States.  The company services oil and gas operations in the Permian Basin, Eagle Ford, Mid-Continent region, East Texas and Louisiana, in addition to a variety of petrochemical, refinery and commercial projects along the Gulf Coast region.  Circle 8 owns and operates one of the largest fleets of mobile and all terrain cranes in the territories it serves, as well as a fleet of auxiliary vehicles and equipment.


About Trive

Trive Capital is a Dallas, Texas based private equity firm with more than $7 billion of regulatory assets under management. Trive focuses on investing equity and debt in what it sees as strategically viable middle-market companies with the potential for transformational upside through operational improvement. We seek to maximize returns through a hands-on partnership that calls for identifying and implementing value creation ideas.

The Trive team is comprised of seasoned investment professionals who have been involved in over 250 middle-market transactions representing in excess of $7 billion in revenue across Trive’s targeted industry sectors and situations.

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