Prospect Capital Backs H.I.G.’s Latest Acquisition
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Prospect Capital Backs H.I.G.’s Latest Acquisition

Prospect Capital Corporation has provided an $85 million senior subordinated loan to support the acquisition of substantially all the assets of Arctic Glacier, a producer, marketer, and distributor of packaged ice, by H.I.G. Capital. “Prospect’s responsiveness and deep balance sheet provided the certainty and execution that we needed in order to close this important transaction on a tight timeline,” said Bret Wiener, a Managing Director of H.I.G.

Arctic Glacier is a producer, marketer and distributor of packaged ice primarily under the brand name of Arctic Glacier Premium Ice. Arctic Glacier operates 39 production plants and 47 distribution facilities across Canada and the northeast, central and western United States servicing more than 75,000 retail locations. The company is based in Winnipeg, Manitoba (www.arcticglacierinc.com).

“Prospect is pleased to provide 100% of the senior subordinated capital in support of the Arctic acquisition, resulting in a financially strong company that is well positioned for growth,” said Jason Wilson, a Managing Director of Prospect Capital Management.

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).

Prospect has closed approximately $900 million of originations to date in the current 2012 calendar year and its advanced investment pipeline totals more than $350 million of potential opportunities at the present time.

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