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Parkway Capital Announces Investment in Palmetto Adhesives

February 28, 2023

Parkway Capital (“Parkway”) is pleased to announce an investment in Palmetto Adhesives Company, LLC (“Palmetto” or the “Company”). The transaction was led by Sidereal Capital Group, who partnered with the senior management team to lead the recapitalization of the Company. Parkway, Spring Capital Partners, Route 2 Capital Partners, and MPowered Capital invested subordinated debt and equity in support of the transaction.

Founded in 1995, Palmetto is a manufacturer and distributor of hot melt and water-based adhesives. Palmetto’s adhesives are primarily used in the packaging, paper converting, product assembly and general purpose industries. The Company is headquartered in Greenville, SC and has a second manufacturing and distribution facility in Bridgeton, NJ.

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Since 2000, Parkway Capital has had a history of investing alongside management, funded and independent equity sponsors, and family offices, providing flexible junior capital alternatives for lower middle market companies. Joining forces with the Calvert Street Capital Partners team in 2019, Parkway has an experienced, mezzanine-focused investment group that continues a more than two-decade long legacy of making mezzanine and minority equity investments. The Parkway investment professionals have collectively invested more than $450 million of capital across 60+ portfolio companies.


Calvert Street Capital Partners is a multi-fund management company formed in 1995 to pursue investment strategies focused on the lower middle market. In addition to Parkway, the firm’s mezzanine investment strategy, Calvert Street makes control equity investments and utilizes a research driven approach to identify attractive businesses providing critical services to the industrial and commercial sectors. Collectively, Calvert Street’s and Parkway Capital’s investment professionals have invested in over 120 companies representing cumulative transaction values in excess of $1.5 billion.