LBC Credit Partners has agented a $37.5 million senior secured term loan to support the purchase of High Performance Industries, by Monomoy Capital Partners. LBC also provided an equity co-investment in the transaction. High Performance Industries is a manufacturer of automotive aftermarket products doing business under the name Holley.
“LBC gave us straight answers throughout the process and delivered on what was promised. Having a partner who can get the deal done with no surprises is crucial, and that is what we have experienced in our relationship with LBC,” said Monomoy partner Justin Hillenbrand.
Founded in 1903, Holley is a manufacturer of high-performance automotive aftermarket products, including carburetors, electronic fuel injection kits, exhaust headers and fuel pumps. The company markets its products through a portfolio of brands, including: Holley®, Hooker Headers®, Flowtech®, Nitrous Oxide Systems®, Earl’s®, and Weiand®. Holley is headquartered in Bowling Green, KT, operates two manufacturing facilities in Kentucky and Mississippi, and has approximately 350 employees (www.holley.com).
“We have a high regard for Monomoy Capital Partners, and this is a continuation of our strong relationship,” said Homyar Choksi, Managing Director with LBC. “We were very happy to play a part in their acquisition of Holley; this deal will allow Holley to continue to innovate, launch new products, expand its market share and improve its earnings.”
LBC Credit Partners is a provider of middle market financing including senior term, unitranche, second lien, junior secured, and mezzanine debt; and equity co-investments to companies with EBITDAs generally greater than $10 million. LBC invests from $10 million to $50 million per transaction supporting acquisitions, growth strategies, refinancings, recapitalizations, and restructurings. LBC has more than $1.4 billion of capital under management and has offices in Philadelphia, PA; Chicago, IL; and New York, NY (www.lbccredit.com).
© 2012 PEPD • Private Equity’s Leading News Magazine • 9-6-12
