NXT Capital has provided a $100 million senior secured credit facility to support the refinancing of Material Handling Services, a portfolio company of CI Capital Partners. NXT Capital acted as the Joint Lead Arranger, Joint Bookrunner and Administrative Agent for the transaction. CI Capital Partners acquired Material Handling Services (dba Total Fleet Solutions) in July 2012.
Material Handling Services is a provider of brand-independent fleet management and asset management services to Fortune 2000 manufacturing, distribution, healthcare and hospitality companies. Through its nationwide network of affiliates and owned service centers, Material Handling Services delivers maintenance, repair, sales and installation, equipment modernization, diagnostics and analytical services to more than 16,000 customer locations throughout North America. The company is based west of Toledo in Holland, OH (www.tfsglobal.com).
“NXT Capital is a valued financing partner and we are pleased to work with them once again,” said Tim Hall, Managing Director, CI Capital Partners. “NXT developed an understanding of Material Handling Services’ business and provided a flexible financing solution to support the company’s growth.”
NXT Capital provides structured financing to middle-market and growth companies through its Corporate Finance, Equipment Finance, and Real Estate Finance groups, originating transactions directly on a national basis. NXT Capital targets senior financing opportunities up to $150 million with a hold size up to $50 million. NXT Capital is led by former principals of Merrill Lynch Capital and was formed in 2010 by Stone Point Capital and the founding management team. The firm is based in Chicago with offices in New York, Atlanta, Boston, Charlotte, Dallas, Kansas City, Minneapolis/St. Paul, Phoenix, San Francisco and Silicon Valley (www.nxtcapital.com).
CI Capital Partners invests from $25 million to $100 million in middle market companies in the following sectors: business services, consumer services, distribution, government services and defense, and light manufacturing. Since the firm’s inception in 1993, CI Capital and its portfolio companies have made more than 100 acquisitions representing over $6 billion in enterprise value. CI Capital’s existing portfolio consists of companies which collectively generate annual revenue of approximately $4 billion, EBITDA of approximately $350 million, and employ approximately 15,000 people. The firm is based in New York (www.cicapllc.com).
2014 PEPD • Private Equity’s Leading News Magazine • 5-30-14