NXT Capital has provided a senior secured credit facility to support Gridiron Capital’s recent acquisition of Dent Wizard from H.I.G. Capital. NXT was the Joint Lead Arranger, Administrative Agent and Sole Bookrunner for the transaction.
Dent Wizard offers a range of reconditioning services for vehicles, such as removing dents, dings, creases and hail damage from vehicles without affecting the original factory finish. Other services include bumper, scratch, wheel, leather and vinyl, and carpet and fabric repair services. Dent Wizard provides its services to car dealerships, automobile manufacturers, auto auctions, body shops and collision centers, rental car agencies, insurance companies, fleet owners and operators and individual vehicle owners. Dent Wizard was founded in 1983 and is headquartered in the St. Louis suburb of Bridgeton (www.dentwizard.com). H.I.G. Capital acquired Dent Wizard in November 2010 through a carve-out from Manheim Auctions, a wholly owned subsidiary of Cox Enterprises.
Gridiron Capital invests in manufacturing, service and specialty consumer companies that have EBITDAs from $5 million to $30 million and that are located in the United States and Canada. The firm is based in New Canaan, CT (www.gridironcapital.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. NXT Capital also provides investment advisory services through its wholly-owned subsidiary NXT Capital Investment Advisers. The firm is based in Chicago with offices in Atlanta, Charlotte, Dallas, Los Angeles, Nashville, New York, Phoenix, San Francisco and Stamford (www.nxtcapital.com).
In January 2015, NXT Capital closed NXT Capital Senior Loan Fund III, LP, an $800 million leveraged loan fund that will invest in first and second lien loan transactions originated and underwritten by NXT Capital’s Corporate Finance Group. Transactions made by the fund include term, delayed draw term, revolving credit, stretch senior, unitranche, first lien term behind revolver, split lien and last-out term loans made primarily to private equity-sponsored middle market companies across a range of industries. Fund III follows NXT Capital Senior Loan Fund II, LP, a similar $783 million fund that closed in July 2013.
© 2015 PEPD • Private Equity’s Leading News Magazine • 4-14-15
