LBC Credit Partners has agented a $53.8 million senior secured term loan to support the purchase of Focus Products Group by Centre Lane Partners. LBC was the Agent and Sole Bookrunner for the syndicated facility.
“This transaction had its twists and turns, but we had confidence in LBC based on our prior history,” said Mayank Singh, Managing Director at Centre Lane. “Not only were they able to provide the unitranche facility we needed, their flexibility makes them a valued partner. Since these deals can be fluid, we needed them to be able to work through the capital structure changes that cropped up as the deal progressed. They responded brilliantly.”
Focus Products Group designs and distributes kitchen, food service and bath products to the hospitality, food service, and consumer markets. Products include house wares, bake ware, bathroom accessories, storage systems, and counter top kitchen appliances. The company sells its products through retailers as well as online. Focus Products Group was founded in 2001 and is based in Lincolnshire, IL (www.focuspg.com)
LBC Credit Partners is a provider of middle market financing including senior term, unitranche, second lien, junior secured, and mezzanine debt; and equity co-investments to companies with EBITDAs generally greater than $10 million. LBC invests from $10 million to $50 million per transaction supporting acquisitions, growth strategies, refinancings, recapitalizations, and restructurings. LBC has more than $1.4 billion of capital under management and has offices in Philadelphia, Chicago and New York (www.lbccredit.com).
“We are pleased to have been chosen once again by Centre Lane to provide financing for this new platform company,” said Homyar Choksi, Managing Director with LBC. “Our streamlined decision making process allows us to be flexible and responsive to changes as deals evolve. Having completed another successful financing together, we look forward to a productive future with Centre Lane.”
Centre Lane Partners is a private investment firm focused on making debt and equity, control and non-control, investments in North American middle market companies. Centre Lane targets companies with revenues between $20 million and $500 million that have leading market positions and sustainable competitive advantages in their respective niches. It seeks to invest $5 to $50 million per transaction. Industries targeted for investment are broad and diverse with no industry excluded from its consideration set. The firm is based in New York (www.centrelanepartners.com).
© 2012 PEPD • Private Equity’s Leading News Magazine • 9-25-12
