Twin Brook Backs Blue Point

Twin Brook Capital Partners provided financing to support Blue Point Capital’s recent acquisition of W.A. Kendall and Co., a provider of vegetation management services to utility companies in the Southeast United States.

Chicago-based Twin Brook is the middle market direct lending arm of Angelo Gordon. The firm targets senior financing opportunities up to $400 million with hold sizes across the Twin Brook platform ranging from $25 million up to $150 million. The firm provides financing to support sponsor-led buyouts and recapitalizations of companies with $3 million to $50 million in EBITDA, with an emphasis on companies with $25 million of EBITDA and below.

Blue Point closed on the acquisition of W.A. Kendall earlier this month. W.A. Kendall’s services include tree trimming, mowing, line clearing, debris removal, and storm restoration. Demand for the company’s services is largely driven by regulatory requirements and the necessity to routinely manage vegetation to mitigate power outages.

W.A. Kendall was founded in 1970 by Warren Kendall and is headquartered near Atlanta in Lawrenceville, GA (www.wakendall.com).

“Given its impressive reputation and growth, W.A. Kendall is a perfect example of the type of company with which Blue Point aims to invest,” said Brian Castleberry, a principal with Blue Point. “We look forward to partnering with and assisting the management team as they continue to evolve the company’s capabilities and drive profitable growth.”

Blue Point invests in manufacturing, distribution and service businesses that have from $20 million to $300 million in revenue and EBITDA greater than $5 million. The firm has offices in Cleveland, Charlotte, Seattle, and Shanghai (www.bluepointcapital.com). The investment in W.A. Kendall was made through the Blue Point’s fourth fund, Blue Point Capital Partners IV LP, which closed in January 2018 at its hard cap of $700 million.

Angelo, Gordon & Co., Twin Brook’s parent company, is an alternative investor with a focus on credit, real estate, private equity, and other strategies. The firm, founded in November 1988, currently manages approximately $32 billion in capital and has over 480 employees, including 190 investment professionals. Angelo, Gordon & Co. is headquartered in New York with additional offices across the US, Europe and Asia (www.angelogordon.com).

Since inception in Q4 2014, Twin Brook has closed 296 transactions, issued $9.0 billion in commitments and served as deals lead/co-lead arranger on 92% of its deals (www.twincp.com).

© 2019 Private Equity Professional | January 18, 2019

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