Maranon Capital was the lead arranger and administrative agent for a group of lenders that provided second lien debt, mezzanine debt, and an equity co-investment to back the recent buy of California Products Corporation by Audax. Demian Kircher, Managing Director, led the transaction for Maranon.
California Products is a provider of branded architectural interior and exterior paints and stains, tennis court and other sports surfaces coatings systems, and mold and abatement remediation coatings. The company is led by Steven McMenamin, President. California Products was founded in 1926 and is based north of Boston in Andover, MA (www.calprocorp.com).
Audax acquired California Products from Delos Capital which had acquired the company in December 2013. Delos remains a minority investor in California Products.
The buy of California Products gives Audax a second company to add to its specialty products platform which currently includes in Nicoat, a manufacturer of water-based and UV-curable coatings used in graphic art, packaging, and specialty coating applications. Audax acquired Nicoat in March 2015 from Caltius Equity Partners. Nicoat is based just outside Chicago in Itasca, IL (www.nicoat.com).
Maranon provides senior financing, mezzanine debt and equity co-investments for private equity-backed and non-sponsored middle market transactions. The firm is currently managing over $1 billion of committed capital and has offices in Chicago; Birmingham, MI (near Detroit) and South Bend, IN (www.maranoncapital.com).
The other lenders participating with Maranon on the transaction were Intermediate Capital Group (www.icgplc.com) and Triangle Capital (www.tcap.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 11-6-15
