NXT Capital has increased its senior credit facility to Material Handling Services to $175 million to support the add-on acquisition of National Glass & Gate Service. Material Handling Services is a portfolio company of CI Capital Partners. NXT Capital was the Joint Lead Arranger, Administrative Agent and Joint Bookrunner for this transaction.
National Glass & Gate Service (NG&G) provides facility maintenance and repair services in the United States, Canada, Puerto Rico, Mexico, and the United Kingdom. Services include backflow prevention, board ups, boiler inspections, conveyor belt maintenance, electro-mechanical repairs, emergency repairs, fire extinguisher programs, fixture and display, construction, plumbing, re-lamping, signage, and storm/disaster preparation services. NG&G’s customers include supermarkets, tire centers, shoe stores, paint and hardware stores, pharmacies, specialty shops, gas stations, restaurants, and shopping malls. NG&G was founded in 1971 and is headquartered in Lincoln, RI with additional offices in Colorado, Arizona, Florida, New Jersey, Canada, Mexico, and Puerto Rico (www.nggservices.com).
Material Handling Services (MHS) is a provider of brand-independent fleet management and asset management services to Fortune 2000 retail, manufacturing, distribution, healthcare and hospitality companies. Through a nationwide network of affiliates and owned service centers, the company provides 
maintenance, repair, sales and installation, equipment modernization, diagnostics and analytical services to customer throughout North America. MHS operates through two business units, Miner (based in San Antonio, TX) (www.minercorp.com) and Total Fleet Solutions (based in Holland, OH) (www.tfsglobal.com). MHS is headquartered southwest of Toledo in Perrysburg, OH.
CI Capital Partners acquired MHS in July 2012 and completed the add-on acquisition of The Miner Corporation in December 2012. “We are pleased to work with the NXT Capital team again,” said Tim Hall, a Managing Director at CI Capital Partners. “NXT brought flexibility and substantial growth capital to the Material Handling Services financing to help the company achieve its strategic objectives.”
NXT Capital provides structured financing to middle market companies that have EBITDAs from $5 million to $75 million. Investment types include senior revolvers and term loans; stretch senior and unitranche loans; term loans over revolvers; first out/last out; 2nd lien term loans; and equity co-investments. The firm will invest in an array of industries but has a particular interest in business services; specialty distribution; niche manufacturing; healthcare; consumer products and services; food and beverage; software and technology; franchisors; media; and insurance. The firm is based in Chicago with additional offices in Atlanta, Dallas, Los Angeles, Nashville, New York, Phoenix, San Francisco (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 its founding in 1993, CI Capital and its portfolio companies have made more than 190 acquisitions representing over $8 billion in enterprise value. The firm is based in New York (www.cicapllc.com).
© 2016 Private Equity Professional | December 2, 2016
