PHILADELPHIA, Sept. 24, 2012 /PRNewswire/ -- LBC Credit Partners ("LBC"), a leading provider of financing solutions to middle market companies, announced they agented a $53.8 million senior secured term loan to support the purchase of Focus Products Group, LLC ("FPG") by Centre Lane Partners, LLC ("Centre Lane"). LBC was the Agent and Sole Bookrunner for the syndicated facility. Founded in 2001, FPG designs and distributes kitchen, food service and bath products to the hospitality, food service, and consumer markets. The company sells its products through retailers as well as online.
Centre Lane Partners is a private investment firm focused on making debt and equity, control and non-control investments in North American middle market companies across a wide breadth of industries. Centre Lane targets companies with revenues between $20 and $500 million which have leading market positions and sustainable competitive advantages in their respective niches.
"This transaction had its twists and turns, but we had confidence in LBC based on our prior history," said Mayank Singh, Managing Director at Centre Lane. "Not only were they able to provide the unitranche facility we needed, their flexibility makes them a valued partner. Since these deals can be fluid, we needed them to be able to work through the capital structure changes that cropped up as the deal progressed. They responded brilliantly."
"We are pleased to have been chosen once again by Centre Lane to provide financing for this new platform company," said Homyar M. Choksi, Managing Director with LBC. "Our streamlined decision making process allows us to be flexible and responsive to changes as deals evolve. Having completed another successful financing together, we look forward to a productive future with Centre Lane."
Based in Lincolnshire, Illinois, FPG specializes in the design and marketing of functionally superior house wares, bake ware, bathroom accessories, storage systems, and counter top kitchen appliances. Its portfolio of well-recognized brands includes Chicago Metallic™, Amco Houseworks®, Back to Basics®, Crescent®, Hookless®, Swing-A-Way® and West Bend® - brands that are relied upon for their high quality, cutting-edge design and durability. The company has a workforce of about 125 and additional locations in Pleasant Prairie and West Bend, Wisconsin; as well as Richardson, Texas.
About LBC Credit Partners, Inc.
LBC Credit Partners, Inc. is a leading provider of middle market financing solutions including senior term, unitranche, second lien, and mezzanine debt and equity co-investments supporting sponsored and non-sponsored transactions. With more than $1.4 billion of capital under management, 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. For more information, visit www.lbccredit.com.
Phone: (610) 631-5702
SOURCE LBC Credit Partners