Prospect Capital Corporation has provided $31.1 million of senior secured debt to VanDeMark Chemical, a specialty chemical manufacturer and a portfolio company of Buckingham Capital Partners. “Prospect’s responsiveness enabled an on-time execution of a complex refinancing that we desired to close before year end,” said Albert Naggar, a Managing Partner of Buckingham. “We look forward to working with Prospect in the future.”
VanDeMark manufactures phosgene and phosgene derivatives to serve the global pharmaceutical, agricultural-chemical, polymer, and fine chemical industries. The company is based in Lockport, NY (www.vdmchemical.com).
“We are delighted to support Buckingham in its recapitalization of VanDeMark,” said Bart de Bie, a Managing Director with Prospect Capital Management. “Prospect has significant domain expertise in the specialty chemicals industry in addition to other industry verticals.”
Prospect invests from $10 million to $75 million in private and micro-cap public businesses located in the US and Canada that have from $3 million to $30 million of EBITDA. Investment structures include: senior debt; unitranche debt; 2nd lien and mezzanine debt; and “one stop” debt and equity. The firm invests in wide array of industries and is effectively industry agnostic. Prospect Capital is located in New York, NY (www.prospectstreet.com).
Buckingham Capital Partners makes control equity investments of $2 million to $15 million in leveraged and management buyouts and recapitalizations of industrial and manufacturing companies in the $10 million to $100 million valuation range. The firm is based in New York, NY (www.buckinghamcapital.com).