Mezzanine financing news roundup – September 2016

Mezzanine financing news roundup – September 2016

Both, in the middle market company financing world and real estate financing universe mezzanine capital is getting more and more attention. First, we are seeing more specialization and differentiation among the funds, which is sign of increase competition. At the same time, mezzanine funds are among biggest fundraisers in the space.

Also, in case you have missed it, our list of real estate mezzanine funds is already published and available online. So far we have received thousands of views, thus reassuring us that there was a real demand for this information.

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Corporate mezzanine:

USA and Canada:

  • MUNDOmedia Ltd’s CEO leads a company buyout with private equity investors. MUNDOmedia is a global performance marketing company. The Royal Bank of Canada provided senior and mezzanine financing for the transaction.
  • Neuberger Berman and Northwestern Mutual provide mezzanine financing to a transaction where Vance Street Capital LLC, a Los Angeles-based private equity firm, takes stake in Motion Dynamics Corporation, a leading provider of highly engineered precision wire-based components primarily for the medical device, industrial and aerospace markets.
  • F.N.B. Capital Partners, the $200 million Small Business Investment Company (SBIC) investment fund based in Pittsburgh, Pa., changes its name to Tecum Capital Partners.
  • NewSpring Capital, a family of private equity funds providing growth and expansion capital, announced that NewSpring Mezzanine Capital (“NewSpring”), the Firm’s dedicated mezzanine fund, has made a $7.5 million investment in Sparus Holdings (“Sparus”) in partnership with Source Capital LLC, an existing investor in the business. The total borrowings will be used to refinance existing debt and to support the continued growth of the business. Based in Atlanta, Sparus is a holding company that manages and owns operating businesses, The Spear Group and Southern Cross. Southern Cross offers field services, field products, and software solutions, while The Spear Group specializes in project management and project controls outsourcing to utilities, pharmaceutical companies, and other large industrial customers. Sparus provides strategic direction, management oversight, and financial resources to facilitate growth for Southern Cross and The Spear Group.
  • Capitala Finance Corp. (Nasdaq: CPTA) announced that it recently invested $25.0 million in total of two new investments. These include $5.0 million in the second lien debt of California Pizza Kitchen and $20.0 million in the first lien debt of AmeriMark Holdings.
  • Monroe Capital LLC announced it acted as sole lead arranger and administrative agent on the funding of a $55 million unitranche credit facility to support the recapitalization of a finance technology company. The company is a full-service provider of electronic transaction processing services for merchants, offering an integrated technology platform, which delivers innovative payment solutions for credit and debit cards and Automated Clearing House (ACH) transactions to more than 8,000 merchant locations across all product lines.
  • TorQuest Partners has acquired Quebec-based Polycor Inc, a nature stone producer. No financial terms were disclosed for the transaction that was done in partnership with PNC Mezzanine Capital. Also, Polycor has merged with Swenson Granite and its subsidiary Rock of Ages.
  • Balance Point provided mezzanine debt to facilitate a refinancing of the existing capital structure and support the continued growth of CorePower Yoga. Founded in 2002 and headquartered in Denver, CO, CorePower is the nation’s premier yoga brand. CorePower Yoga strives to show the world the incredible, life-changing things that happen when an intensely physical workout is rooted in the mindfulness of yoga. Through a variety of yoga classes, convenient times and more than 150 studio locations, CorePower Yoga provides a highly intense and incredibly mindful form of fitness.
  • Breakaway Capital Partners, a Los Angeles-based direct lending firm, announced the close of Breakaway Capital Partners Fund II, L.P., with total commitments at the hard cap of $100 million, all from family offices and individuals. The Fund was significantly oversubscribed with an initial target of $75 million.
  • Acorn Growth Companies has acquired Seattle-based Raisbeck Engineering Inc, a provider of advanced aircraft technology. No financial terms were disclosed, although it is likely that Congruent Investment Partners provided financing in the transaction.

Europe:

Asia

  • Pierfront Capital Mezzanine Fund Pte Ltd, an alternative credit investor in Singapore, has invested up to $58 million in mining firm PT Merdeka Copper Gold Tbk, and investment holding company Greenko Ventures Ltd in two separate deals. The specialist investor backed Merdeka $25 million this September, and Greenko Ventures $33 million last August. It acted as sole arranger and lender in a Term Loan Facility for both companies.

Real estate mezzanine:

USA and Canada:

Europe

Australia

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