NXT Capital provided a $17 million senior secured facility to fund Shorehill Capital’s recent acquisition of Belt Power LLC, a distributor of lightweight conveyor belts and belting accessories. Belt Power was a portfolio company of Gen Cap America. NXT Capital acted as the Sole Lead Arranger, Sole Bookrunner and Administrative Agent on this transaction.
Belt Power is a distributor and fabricator of conveyor system components, including conveyor belts, equipment, accessories and rubber, hose and gasket products. Belt Power serves the conveyer maintenance, replacement and overhaul needs of nearly 1,000 current customers with a particular focus on the food processing market. The company was founded in 1989 and is headquartered in Atlanta (www.beltpower.com).
“NXT provided an attractive financing structure that supports our investment management plan for Belt Power,” said Rob Hogan, Managing Director, Shorehill Capital. “We appreciate NXT’s responsiveness and look forward to working together to support the continued growth of the business.”
Shorehill Capital invests in North American based manufacturing and distribution companies with $5 million to $50 million in EBITDA. The firm was co-founded by Brian Simmons and Dave Hawkins and is based in Chicago (www.shorehillcapital.com).
NXT Capital provides structured financing of up to $150 million with a hold size up to $50 million to middle-market companies through its Corporate Finance, Equipment Finance, and Real Estate Finance groups. The firm is based in Chicago with offices in Atlanta, Charlotte, Dallas, Kansas City, Los Angeles, Minneapolis/St. Paul, New York, Phoenix, San Francisco and Stamford (www.nxtcapital.com).
2014 PEPD • Private Equity’s Leading News Magazine • 10-1-14
