LBC Credit Partners Provides A Second Lien Term Loan To Support Diversified Maintenance Systems Acquisition Of Rite Way Service
PHILADELPHIA, May 6, 2014 /PRNewswire/ -- LBC Credit Partners ("LBC"), a leading provider of financing solutions to middle market companies, agented a second lien term loan to Diversified Maintenance Systems, LLC ("Diversified" or the "Company"), a portfolio company of Frontenac Company. Proceeds from the facility were used to finance Diversified's acquisition of Rite Way Service, Inc. ("Rite Way") and to refinance existing indebtedness. The strategic acquisition will expand the end markets served by the Company and diversify its customer base.
LBC Credit Partners is the Administrative Agent for the second lien facility. This transaction is a continuation of the strong relationship between LBC and Frontenac Company. Key criteria in choosing LBC to agent the second lien loan included LBC's ability to close quickly, the flexibility of capital and the certainty of execution.
Headquartered in Tampa, FL, Diversified was established in 1997 and is a national provider of quality janitorial and facilities maintenance services to over 450 customers at more than 11,500 locations across the United States. The Company is one of the largest providers of janitorial services to the retail market and has significant wallet share at many of the nation's largest and most well-known retailers, logistics firms and grocery stores.
Headquartered in Birmingham, AL, Rite Way is a leading regional provider of janitorial and facility services in the Southeastern U.S. With roots that date back over 40 years, Rite Way serves customers across a diverse range of end markets that include manufacturing operations, commercial office buildings, financial institutions, airports, government buildings, educational facilities, and public utilities.
Frontenac Company is a leading private investment firm focused on investing in lower middle market buyout transactions in the Business Services, Industrial, Food, and Healthcare industries. The firm has built a leading franchise working with the owners of mid-sized businesses, almost always families or founders, as they address complex transition issues of liquidity, management enhancement, and growth planning. Based in Chicago, Frontenac has completed over 25 buyout transactions and nearly 60 add-on acquisitions since 2000, and more than 70 platform acquisitions in the last 30 years.
About LBC Credit Partners
LBC Credit Partners is a leading provider of middle market financing solutions including senior term, unitranche, second lien, junior secured and mezzanine debt and equity co-investments supporting sponsored and non-sponsored transactions. With approximately $1.4 billion of capital commitments, LBC has made investments in companies located throughout North America across a wide range of industries and is committed to a long-term approach to debt investing. Headquartered in Philadelphia, LBC has additional offices in Chicago and New York City. To learn more about LBC Credit Partners, visit www.lbccredit.com.
Phone: (610) 631-5702
SOURCE LBC Credit Partners