SBP Holdings Completes Refinancing Transaction
October 15, 2020
SBP Holding L.P. (“SBP” or the “Company”), a leading industrial distribution platform offering a diverse portfolio of highly engineered products and services to a broad range of customers and end markets, together with certain of its subsidiaries, is pleased to announce that it has completed a refinancing transaction co-led by Atlantic Park Strategic Capital Fund, L.P. (“Atlantic Park”) and The Carlyle Group’s Global Credit platform (“Carlyle”). Carlyle acted as administrative agent. Concurrent with the closing of the transaction, the Company also extended the maturity of its existing revolving credit facility to October 2025. Proceeds from the transaction will be used to fully refinance the Company’s existing indebtedness and provide the Company with capital to support future growth and acquisitions.
The Company was formed in 2012 in conjunction with Singer Equities’ acquisition of Bishop Lifting Products. Since 2012, SBP has completed over 25 acquisitions and has transformed into a national platform.
“We’re extremely excited to partner with Atlantic Park and Carlyle during this next chapter of growth,” said Michael Geist, Chief Financial Officer. “The facility supports our strong balance sheet and financial position. Importantly, the structure also provides additional flexibility and, with the further support of our majority owner AEA Investors, enables SBP to be well-positioned to continue executing our growth strategies as global economies recover.”
Jefferies LLC acted as sole financial advisor to SBP and Fried, Frank, Harris, Shriver & Jacobson LLP as its legal advisor. Davis Polk & Wardwell LLP and Kirkland & Ellis LLP served as legal advisors to Atlantic Park and Carlyle, respectively.
Financial details were not disclosed.
About SBP Holdings
Singer Equities, Bishop Lifting Products and Dakota Fluid Power are wholly owned subsidiaries of SBP Holdings, headquartered in Houston, TX and through its 92 locations provides industrial rubber, wire rope, rigging, fluid power products and services to a broad range of industrial markets throughout North America. More information can be obtained at www.sbpholdings.com, www.singerequities.com, www.lifting.com and www.dakotafluidpower.com.
About Atlantic Park
Atlantic Park is a strategic joint venture between General Atlantic, a global growth equity firm established 40 years ago, and Iron Park Capital Partners, a deeply experienced credit-focused asset manager. Atlantic Park provides capital solutions to address financing needs for high-quality companies seeking a trusted partner. Atlantic Park takes a broad industry focus and partners with companies spanning a number of sectors, including Consumer, Financial Services, Healthcare and Technology, with a focus on companies in the United States and Europe.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $221 billion of assets under management as of June 30, 2020, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,800 people in 31 offices across six continents. Further information is available at www.carlyle.com. Follow The Carlyle Group on Twitter @OneCarlyle.
Carlyle’s $50 billion Global Credit investment platform provides financing solutions that span the credit spectrum: liquid credit, illiquid credit and real assets credit. Since 1999, the group has provided creative solutions for borrowers and delivered attractive risk-adjusted returns for investors by drawing on the deep credit expertise and disciplined underwriting capabilities of our over 160 investment professionals and by leveraging the resources and industry expertise of Carlyle’s global network.
AEA Investors LP was founded in 1968 by the Rockefeller, Mellon and Harriman family interests and S.G. Warburg & Co. as a private investment vehicle for a select group of industrial family offices with substantial assets. AEA has an extraordinary global network built over many years which includes leading industrial families, business executives and leaders; many of whom invest with AEA as active individual investors (“Participants”) and/or join its portfolio company boards or act in other advisory roles. Today, AEA’s approximately 80 investment professionals operate globally with offices in New York, Connecticut, London, Munich and Shanghai. The firm manages funds that have approximately $15 billion of invested and committed capital including the leveraged buyouts of middle market companies and small business companies and mezzanine and senior debt investments. AEA Private Equity invests across three sectors: value added industrials, consumer, and services.