Prospect Capital has made a $48 million investment in Mity Enterprises, a furniture and specialty healthcare seating products company. The investment in Mity is in the form of senior secured floating rate debt and equity.
“We look forward to supporting Mity’s impressive management team, which has co-invested in the recapitalization,” said Bart de Bie, a Managing Director of Prospect Capital. “Our investment demonstrates Prospect’s ability to make one-stop combined debt and equity investments as one of Prospect’s strategies to drive yield and total return for our shareholders.”
Mity designs, manufactures, and sells multipurpose room furniture and specialty healthcare seating products. The company has two operating units Mity-Lite and Broda. Mity-Lite is a manufacturer of branded, lightweight chairs and tables sold primarily by Mity’s direct sales force to the hospitality, education, public assembly, government, and office end markets. Broda produces a line of branded specialty chairs for disabled individuals that are sold to long-term care facilities and other customers in the healthcare market. Mity was founded in 1987 and has operations in Orem, UT (headquarters) and Kitchener, Ontario (www.mitylite.com) (www.seatingisbelieving.com).
“We are excited to work with Prospect as we continue building industry-leading products for an expanding base of long-term customers,” said John Dudash, CEO of Mity. “We look forward to benefiting from Prospect’s substantial resources as we grow Mity-Lite and Broda.”
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 an array of industries and is effectively industry agnostic. Prospect Capital is headquartered in New York (www.prospectstreet.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 9-20-13
