Towson, Md.-based Parkway Capital, the mezzanine unit of Calvert Street Investment Partners, has announced an investment in Houston, Texas-based Precision Piping Products, or P3. It did not disclose the amount.

The transaction was led by Tico Capital Partners and Atlanta, Ga.-based 7 Seas Capital, in partnership with the senior management team, to lead the recapitalization of the company. Parkway and Albany, N.Y.-based Pine Street Capital Partners invested in subordinated debt and equity.

Founded in 2014, P3 manufactures and distributes flange protectors that are used to protect flanges and pipes from debris and corrosion during transportation and construction. P3 has patent protections on its adhesive process and uses a proprietary adhesive solution, setting it apart from other flange protection and preservation systems, Parkway Capital said.

Parkway Capital makes mezzanine debt and minority equity investments of between $3 million and $12 million per transaction. Typically, it invests in companies with $10 million in annual revenue and $2 million of EBITDA. Since its inception, Parkway Capital has invested over $500 million. Its over 70 portfolio companies span manufacturing, distribution, consumer products, business and industrial services, and healthcare. Parkway’s portfolio companies include Heiden, Tess Oral Health, Malco, CPO, Architectural Polymers, Merrill Industries, General Pallets and Crates, Peachey Hardwood Flooring, Conteras and Blue Haven Pools.

Calvert Street, which also has offices in Newton, Mass., operates two units — Parkway Capital, which provides flexible junior capital solutions to lower-middle market companies, and Crescentia Capital, which is in private equity.

Thus far, Calvert Street has invested over $1.1 billion — about $615 million in equity buyout investments and about $525 million in mezzanine and minority equity investments. It has backed over 145 middle-market companies.

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