LBC Credit Partners was Administrative Agent and Lead Arranger for a $35 million second lien term loan to support a recapitalization of MPI Products by Monomoy Capital Partners. Monomoy acquired MPI Products in November 2012.
MPI Products is a manufacturer of automatic transmission products, supplying automotive original equipment manufacturers with clutch plates, separator plates, and backing plates. The company’s automotive customers include several large car makers and an array of Tier I automotive suppliers. MPI also manufactures safety-critical and hydraulic components for heavy duty vehicles and general industrial customers. The company has approximately 700 employees at its four North American manufacturing facilities and is headquartered in Rochester Hills, MI (www.mpiproducts.com).
Monomoy Capital Partners has $700 million in assets under management and makes control investments in middle market businesses in the manufacturing, distribution, consumer product and foodservice industries. Over the past five years, Monomoy has closed over 40 middle market acquisitions, and its companies currently produce over $1.2 billion in combined sales and employ more than 4,000 people. The firm is headquartered in New York (www.mcpfunds.com).
LBC Credit Partners is a provider of middle market financing to companies with EBITDAs generally greater than $10 million. Products include senior term, unitranche, second lien, junior secured and mezzanine debt and equity co-investments supporting sponsored and non-sponsored transactions. LBC invests from $10 million to $50 million per transaction supporting acquisitions, growth strategies, refinancings, recapitalizations, and restructurings. LBC has more than $1.3 billion of capital under management and is headquartered in Philadelphia with additional offices in Chicago and New York (www.lbccredit.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 6-28-13