WASHINGTON, Nov. 15, 2007 (PRIME NEWSWIRE) -- Advantage Capital Partners, a leading private equity firm, has invested $500,000 in AVSmoot, LLC, which provides restoration and commercial painting services to a broad range of clients throughout the Washington, D.C., metropolitan area. The funding will be used to support the company's continued growth.
"We made our first investment in AVSmoot in 2006 and have since then seen the company grow and evolve into a significant player in the D.C. construction market," said Doug Beekman, principal at Advantage Capital. "AVSmoot is a well-run business and we are happy to play a role in their success once again."
AVSmoot is a privately owned corporation providing superior restoration and general contracting services to a broad range of government and private sector clients. The company specializes in the restoration of metal and wood doors and windows, as well as tenant painting, carpentry and millwork.
"Advantage Capital took a chance on a minority-owned company when few others would," said Adrienne Smoot, president of AVSmoot. "The additional financing will allow us to grow and expand through partnerships and the addition of new staff members. We're excited about the opportunities ahead for our company and look forward to expanding our capabilities in the Washington area."
Advantage Capital's investment in AVSmoot was made possible through the District's Certified Capital Company program, a local economic development initiative designed to stimulate the flow of financial capital to early stage businesses, creating high paying jobs and increasing tax revenues across the district.
About Advantage Capital Partners
Advantage Capital Partners is a private equity firm focused on investing in promising companies in connection with federal, state and local economic development efforts. With offices in Washington D.C., New Orleans and other cities, Advantage has raised more than $800 million in institutional venture capital since 1992 and invested in companies located in geographic areas underserved by traditional venture capital. For more information, visit www.advantagecap.com.
About the Certified Capital Company program
Advantage Capital Partners is a leading participant in the Certified Capital Company (CAPCO) program, a state economic development tool designed to strengthen state economies by stimulating the flow of investment capital to local small businesses, creating high-paying jobs and increasing state tax revenues. Under a CAPCO program, insurance companies are encouraged to invest in certified capital companies; the state allows the insurance companies to claim tax credits for qualified investments in CAPCO funds. The tax credits, taken over time, generate large pools of private venture capital to be invested in the state. CAPCOs leverage the funds received from insurance companies to invest in qualified small businesses in the state. For more information, visit www.advantagecap.com/state_investment_programs.htm.