BMO Harris Bank's Sponsor Finance group, a leading provider of middle market leveraged finance solutions, announced it was joint lead arranger and joint bookrunner and is administrative agent for senior credit facilities to Latham Pool Products, Inc., a Littlejohn & Co., portfolio company.
Latham is the leading manufacture of pool components and accessories for the in-ground residential pool market in North America.
CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing and advisory services to small businesses and middle market companies, announced that it arranged a $110 million senior secured credit facility for Levine Leichtman Capital Partners' acquisition of Genova Diagnostics, a specialty clinical laboratory that has pioneered a unique systems-based approach to testing that supports the personalized treatment and prevention of chronic disease. Levine Leichtman Capital Partners is a leading private equity firm which makes structured investments in middle market companies.
CIT Corporate Finance served as joint lead arranger, joint bookrunner and syndication agent for the transaction. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
"This financing provided CIT an opportunity to demonstrate our commitment to providing comprehensive financial solutions to private equity firms as they complete acquisitions," said Eric Toizer, managing director of CIT Sponsor Finance. "As our second deal in as many years, we're pleased to expand our relationship with Levine Leichtman Capital Partners."
"Genova brings a highly differentiated offering to the clinical lab market that taps into the growing market of treating individuals with chronic conditions," said Myles Kassin, director in CIT Corporate Finance, Healthcare. "We look forward to supporting the continued growth of the business."
Lauren Leichtman, CEO and co-founder of Levine Leichtman, said, "Genova is the second investment in Levine Leichtman Capital Partners V, L.P., a $1.6 billion fund. Our growing relationship with CIT facilitated the efficient closing of this transaction, as the company's depth of experience in the middle market, as well as its familiarity with our firm's strategic approach to investments, combined to make CIT a logical partner."
Diamond Business Credit is pleased to announce it recently funded a $250,000 line of credit to a newly acquired specialty footwear and apparel distributor.
After more than 50 years in the business, the owners of this marginally profitable company decided it was time to sell. KCP Advisory Group was engaged to manage the entire process from the development of the pitch book through closing. KCP's expertise in transaction advisory services facilitated a smooth and efficient process for both the seller and the buyer.
The new owner, having extensive experience in various retail and supply chain environments, identified several opportunities to bolt on complimentary product lines in addition to bringing a fresh and enthusiastic perspective to the company.
A working capital line of credit that could be closed very quickly with minimal up-front costs and no red tape was needed. Several banks were interested, but the expected time frame would have lapsed the opportunity. KCP, having experienced Diamond's rapid response and creative structuring with other client companies, recommended Diamond without hesitation.
Diamond delivered a financing proposal within hours of receiving the application and closed and funded the loan within a few days of acceptance. The company now has the working capital necessary to execute the new owner's ambitious growth plans.
Monroe Capital LLC announced the funding of a $50 million unitranche credit facility to support the acquisition of MSD Performance Group (MSDP) by Hot Rod Brands, LLC, an affiliate of Z Capital Partners L.L.C.
Based in El Paso, TX, MSDP is one of the world leaders in vehicle aftermarket performance brands. MSDP operates in the street enthusiast, professional racer and powersports markets where they maintain industry leading market share positions across all of their product categories under the MSD®, Racepak®, Superchips® and Edge® brands.
NewStar Business Credit, a wholly-owned subsidiary of NewStar Financial, Inc., announced that it has provided credit facilities totaling $8,500,000 to Wafer Reclaim Services (WRS). Headquartered in San Jose, CA, WRS provides a range of specialized services related to the reclamation, oxidation, grinding and polishing of silicon wafers used in the fabrication of semiconductors and integrated circuits. The credit facilities consist of a revolving line of credit and term loan with a senior secured stretch component. The proceeds of the financing will be used to repay existing, higher cost debt and support future growth.
"We were searching for an opportunity to reduce our overall debt expense with a financing structure that also supported our business objectives. NewStar was one of the few lenders able to put together a bundle of loans, including a stretch piece, at attractive pricing that enabled us to fulfill our refinancing objectives. We look forward to building a strong relationship with NewStar as we continue to grow our business," said Dave Griffeth, CFO of WRS.
"We were pleased to have the opportunity to work with WRS to meet their unique financing objectives and to further expand our presence on the West Coast," said Milton Iskra, national marketing manager. "NewStar's Mike Williams, an SVP located in the company's Chicago office, originated the transaction.
Salus Capital Partners, LLC, announced it has led a $250 million secured term loan to RadioShack Corporation. The term loan was provided alongside an additional $585 million secured credit facility for which GE Capital, Corporate Retail Finance is serving as administrative and collateral agent. The combined proceeds of $835 million will be used to refinance existing debt and provide additional liquidity.
"We are pleased to have Salus Capital as a strategic lender and the additional liquidity this new secured term loan provides RadioShack," said Joseph C. Magnacca, CEO of RadioShack. "The Salus team understood exactly what we needed from a financing partner and the financial backing from Salus allowed us to increase our liquidity using our existing collateral and enhance our financial flexibility."
"History served merely as a benchmark from which we could work together with the RadioShack executive team," remarked Andrew H. Moser, president and CEO of Salus Capital. "We believe our ability to understand the value in certain assets together with RadioShack's turnaround plan for the company's future allowed us to stand behind management's vision and lead this fully funded term loan and provide necessary liquidity."
Based in Fort Worth, TX, RadioShack is a national retailer of mobile technology products and services, as well as products related to personal and home technology and power supply needs. RadioShack offers consumers an assortment of electronic products and services from leading national brands, exclusive private brands and major wireless carriers. RadioShack's retail network includes approximately 4,300 company-operated stores in the U.S., over 270 company-operated stores in Mexico, and approximately 1,000 dealer and other outlets worldwide.
PNC Bank, N.A., a member of The PNC Financial Services Group, Inc. (NYSE: PNC) announced the closing of a $115 million senior secured financing facility for Gatehouse Media, LLC. Based in Fairport, NY, the company will use the funds to restructure existing debt following successful chapter 11 bankruptcy proceedings. PNC Bank provided $65 million and will serve as administrative and collateral agent for the entire facility. Gatehouse is one of the largest publishers of locally-based print and online media in the United States.
A plastic bottle recycling company located in California has chosen TAB Bank for a $2 million credit facility. The company produces FDA-approved plastic containers used for food packaging. The new facility is made available through a multi-year agreement and will provide for the working capital needs of the company.
TAB Bank provides custom working capital solutions to commercial businesses from many industries. These solutions are provided in all stages of business life cycles during any economic conditions. TAB Bank does this through Accounts Receivable Financing, Lines of Credit, Equipment Finance, Asset Based Loans, Business Accounts, and Treasury Management Services.
US Capital Partners, LLC has provided a $3.2 million growth-capital term loan for Naviss, LLC (Naviss), which operates in forty-two States.
US Capital Partners is a private investment bank that makes direct debt investments, participates in debt facilities, and arranges equity placements for small to lower middle market companies.
