LBC Credit Partners was the Administrative Agent and Sole Lead Arranger on a senior secured credit facility totaling $83 million to support the recapitalization of C&K Components, a portfolio company of Littlejohn & Co. Debt proceeds will be used to refinance existing indebtedness and provide a dividend to the shareholders.
C&K Components is a manufacturer of electronic switches, smart cards and other connector products. The company has more than 55,000 SKUs and its products are used in automotive, industrial, telecom, aerospace, and consumer electronics applications. C&K products include low profile tactile switches; navigation switches; detect switches; pushbutton switches; rotary, switchlock and key switches; slide switches; toggle switches; illuminated switches, and sealed switches. The company is based west of Boston in Newton, MA with additional locations in Hong Kong, France, Germany and Korea (www.ck-components.com).
Littlejohn & Co acquired C&K in 2007 through its acquisition of CoActive Technologies. At that time, CoActive Technologies was comprised of two business units – C&K Components and DeltaTech Controls. Littlejohn & Co. sold DeltaTech Controls in August 2014 to Sensata Technologies.
Littlejohn & Co. makes control and non-control investments in middle-market companies that are undergoing a fundamental change in capital structure, strategy, operations or growth. Littlejohn invests in middle market companies with annual revenues typically between $100 million and $800 million, and generally invests $50 to $150 million of equity in its private equity investments. The firm invests across a range of industries and acquires manufacturers, distributors, and service providers. Littlejohn is currently investing from Littlejohn Fund V which has over $2 billion in capital commitments. The firm is based in Greenwich, CT (www.littlejohnllc.com).
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 $1.75 billion of capital commitments and is headquartered in Philadelphia with additional offices in Chicago and Greenwich (www.lbccredit.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 1-14-15
