Charlotte, NC– January 6, 2020 – SouthWood Corporation (“SouthWood”), a Charlotte-based provider of signage products and services across the United States, announced today its debt recapitalization with Southern Pines-based First Bancorp (“First Bank”). SouthWood will use the proceeds to refinance existing debt and to pursue various growth investments. The transaction closed on December 13, 2019.
Founded in 1970, SouthWood is a leading national sign company providing consulting, design, manufacturing, and installation services across a variety of robust end-markets and geographic areas.
Doug Smith, Charlotte Market Executive at First Bank, said, “We are pleased to partner with the SouthWood leadership team with the goal of supporting the company's continued strong growth. We enjoyed learning about their business, and it was a pleasure working with their team in executing this transaction.”
“We were impressed with how quickly the First Bank team was able to develop a thorough understanding of our business and provide a financing solution that will support the execution of numerous growth opportunities,” said Jefferson Ellington, CFO of SouthWood. “Considering both its proposal and desire to remain a high-touch, community-driven institution, First Bank emerged as the partner of choice for us and we look forward to our partnership with Doug Smith and his team.”
Alexander Ricks PLLC served as outside legal counsel to SouthWood, while Parker Poe Adams & Bernstein LLP served as outside legal counsel to First Bank.
About SouthWood Corporation
SouthWood Corporation offers full, turnkey services for all of your signage needs. Its full-time designers and highly experienced planning and sales staff work hand-in-hand with its build team and installers, allowing customers to expect more continuity, resulting in a superior product. For more information, visit www.southwoodcorp.com.
About First Bancorp, Inc.
First Bank is the banking subsidiary of First Bancorp and is headquartered in Southern Pines, North Carolina, with total assets of approximately $6.0 billion. As a state-chartered community bank, First Bank operates 101 bank branches in North Carolina and South Carolina. Since 1935, First Bank has taken a tailored approach to banking, combining best-in-class financial solutions, helpful local expertise,and technology to manage a home or business. First Bancorp’s common stock is traded on the NASDAQ Global Select Market under the symbol “FBNC.” Visit our website at www.LocalFirstBank.com. Member FDIC, Equal Housing Lender.
Jefferson W. Ellington
Chief Financial Officer
Senior Vice President
Steve is a technical draftsman and designer responsible for sign engineering, including determining material specs, composition and construction, and installation methods for custom signage projects. He has 11 years of experience at SouthWood, possessing a keen knowledge for efficiently producing and installing the most elaborate signage ideas.