Prospect Capital has provided a $65 million first-lien floating-rate credit facility to support the acquisition of Fleetwash by DFW Capital Partners and Fleetwash’s senior management team. (See today’s related article – DFW Capital Partners Acquires Fleetwash)
Fleetwash operates a network of mobile fleet and facility washing operations, serving thousands of customers in 44 states. Fleetwash serves local, national and regional trucking fleets and leasing companies, as well as large industrial, retail, restaurant, commercial, petroleum station and other commercial facilities. Fleetwash’s washing process allows its customers to maintain compliance with local and federal environmental regulations, while providing reliable and cost-effective washing services. The company was founded in 1972 is headquartered near Newark in Fairfield, NJ (www.fleetwash.com).
“Fleetwash brings a long history of providing strong customer service and presents an attractive investment opportunity for DFW Capital and Prospect,” said Seth Tutlis, a Vice President at Prospect. “We are delighted to support DFW Capital and the Fleetwash team, and we look forward to continuing to build the relationship.”
Prospect invests 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. Currently with over $7 billion of capital under management, Prospect closed approximately $3.3 billion of new originations during the year ended March 31, 2014. The firm is headquartered in New York (www.prospectstreet.com).
“This is our second transaction with Prospect, and we enjoyed working with the Prospect team on the Fleetwash opportunity,” said Keith Pennell, Managing Partner at DFW Capital. “Prospect provided a responsive and thoughtful financing package well-tailored to the unique needs of the business, which was a valuable contribution to the success of this transaction.”
DFW Capital Partners invests in lower middle market companies. Sectors of interest include outsourced healthcare and business services, including clinical services, specialty distribution, automated dispensing and pharmacy technology. DFW is headquartered in Teaneck, NJ, and maintains an office in Chevy Chase, MD (www.dfwcapital.com).
2014 PEPD • Private Equity’s Leading News Magazine • 6-3-14
