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FST Technical Services, LLC

Technology Outsourcing
"FST Technical Services was founded in 1984 to serve the needs of the growing, worldwide Semiconductor/Microelectronics and Life Sciences industries. We began as an independent interface between our clients and their subcontractors to establish build clean installation methods that satisfied internal specifications and conformed to regulatory requirements. FST’s core expertise is in developing technical and logistical solutions for complex needs by continually investing in the most advanced equipment and training to meet the needs of the rapidly changing markets it serves. Today, our business has expanded to additional markets, including Automation, Data/IT Centers, Energy/Advanced Technology and Technology/Research Laboratories. Our experienced FST team serves as your trusted partner for QA/QC Services, Equipment Services, Staffing Solutions, Project Management, Analytical Testing and Inspections – virtually anything you might need throughout your project lifecycle. FST professionals also provide project consultation and employee training. We guide our customers throughout each project phase to ensure full compliance. " From LinkedIn Profile.
The Company was acquired by Private Equity group Caymus Equity in late 2013. The only BDC involved with FST Technical Services is Alcentra Capital which financed the 2013 recapitalization with a $12.4mn Senior Loan and a $2.1mn minority equity position. Until the IVQ of 2015, the equity was valued by Alcentra above par. However, in 2016 the valuation trend has been down and reached a new low in the IIIQ 2016 results- written down by 63%. However, the Senior Loan, which has been increasing in Cost due to rolling up of 5% in PIK interest annually, remains valued at par, or $13.1mn. The BDC Credit Reporter's Corporate Credit Rating is 3, due to concerns about the drop in the value of the equity (down 85% from its peak in 2014); the fact that the Company has been unable to refinance this very expensive debt despite easy money conditions. In the IVQ 2016 and the IQ 2017 the valuation trend has been up. [Updated May 7, 2017]