Monroe Capital was the sole lead arranger and administrative agent on a senior term loan to support the acquisition of Twin-Star International by Z Capital Partners.
Twin-Star designs and manufactures decorative electric fireplaces, heaters, home furnishings (television stands, speaker bars, cabinets, beds, and kitchen islands) and consumer electronics (headphones, power surge protectors and HDMI cables). Company owned brands include ClassicFlame, Duraflame, ChimneyFree, ClassicFlame Pro, Bell’O, Bell’O Digital, PowerHeat, and Safer Socket. Twin-Star was founded in 1996 and is headquartered north of Boca Raton in Delray Beach, FL with manufacturing facilities in Southern China (www.twinstarhome.com).
Twinstar’s co-presidents, Peter Harper and Marc Sculler, and EVP Andy Bandremer will continue to oversee daily operations of the company under Z Capital ownership.
Monroe Capital provides senior and junior debt and equity co-investments to middle-market companies based in the US and Canada. The firm was founded in 2004 and maintains offices in Chicago, Atlanta, Boston, Charlotte, Dallas, Los Angeles, New York and San Francisco (www.monroecap.com).
Z Capital intends to grow Twin-Star by expanding the company’s retail platform into additional channels – homebuilding, hotels and lodging, and commercial markets – and new geographies. Z Capital makes control investments in middle-market distressed companies, operational turnarounds and special situations. The firm targets companies with an enterprise value of less than $1 billion or EBITDA of less than $100 million. Z Capital is based in the Chicago suburb of Lake Forest and has additional offices in New York and Zurich (www.zcap.net).
© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 4-28-16
