LBC Credit Partners agented a $42.5 million senior secured term loan to support the recapitalization of Senco Brands, a Wynnchurch Capital portfolio company. Proceeds from the transaction were used to finance the company’s growth and a make a special one-time distribution to the company’s shareholders. LBC Credit Partners was Sole Lead Arranger, Sole Bookrunner and Administrative Agent for this transaction.
Senco is a designer, manufacturer and marketer of branded fastening tools and collated staples, nails and screws. The company’s products are used in home construction and remodeling; furniture; manufactured housing; and pallets and crating. Senco products are sold through professional distribution outlets in more than 40 countries. The company is based in Cincinnati (www.semco.com).
Senco filed for Chapter 11 bankruptcy protection in May 2009. Wynnchurch Capital was the stalking horse bidder in the sale process and purchased the company in July 2009.
LBC Credit Partners is a provider of middle market financing to companies with EBITDAs generally greater than $10 million. Products include senior term, unitranche, second lien, junior secured and mezzanine debt and equity co-investments supporting sponsored and non-sponsored transactions. 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 is headquartered in Philadelphia with additional offices in Chicago and New York (www.lbccredit.com).
Wynnchurch Capital makes investments of $10 million to $90 million in middle-market companies that have revenues of $5 million to $500 million. Sectors of interest include niche manufacturing, transportation & logistics, business services, value-added distribution, energy and power services, general industrials, and metals & mining. Wynnchurch manages a number of private equity funds with capital under management in excess of $1 billion. The firm was founded in 1999 and is located in the Chicago suburb of Rosemont with additional offices in Detroit and Toronto (www.wynnchurch.com).
© 2014 PEPD • Private Equity’s Leading News Magazine • 2-4-14
