Babson Capital Management has provided subordinated debt and made an equity investment to support Silver Oak’s acquisition of The Tranzonic Companies from Linsalata Capital Partners. Babson Capital was the sole provider of subordinated debt on the transaction.
Tranzonic is a distributor of away-from-home disposable absorbent and non-absorbent maintenance, cleaning and safety products. Products include a suite of janitorial and sanitation products, including industrial wipers, toilet seat covers, gloves, feminine hygiene products, air care products, restroom supplies, sorbents and other safety products. Tranzonic was founded in 1933 and is headquartered in Richmond Heights, OH, with distributions facilities in Knoxville, Reno, and Miami (www.tranzonic.com).
Babson Capital has $183 billion in assets under management and is a member of the MassMutual Financial Group. The firm has offices in Boston and Springfield, MA; New York, Chicago, Charlotte and Los Angeles, and nine other offices in Europe, Asia and Australia (www.BabsonCapital.com).
“Babson Capital is excited to build on our previous relationship with Silver Oak through our participation in the Tranzonic investment,” said Michael Klofas, Managing Director and Head of the U.S. Mezzanine & Private Equity Group for Babson Capital. “As the incumbent lender, Babson Capital knows Tranzonic’s business and management team well, and we look forward to participating in the company’s success as Silver Oak and management implement their growth strategy in the years ahead.”
Silver Oak makes control investments of $10 million to $30 million in companies with revenues from $15 million to $150 million and EBITDAs from $4 million to $20 million. Sectors of interest include business services, healthcare services, and consumer services. The firm recently closed its newest fund, Silver Oak Services Partners II, LP, with total commitments of $206 million. Silver Oak is based in the Chicago suburb of Evanston (www.silveroaksp.com).
“Silver Oak is pleased to join with Babson Capital on our investment in Tranzonic,” said Greg Barr, Managing Partner of Silver Oak. “Babson Capital’s expertise and commitment to responsive, reliable, and flexible service made it an invaluable partner on this transaction.”
© 2013 PEPD • Private Equity’s Leading News Magazine • 7-19-13