Crown Partners Serves as Exclusive Financial Advisor on $175 Million Senior Debt Recapitalization
October 1, 2024
Source: Crown Partners
Crown Partners announced that it served as exclusive financial advisor to a sponsor-backed distributor of a wide range of home services products (the “Company”). In connection with this mandate, Crown arranged a new $75 million ABL revolver for the Company with Siena Lending Group, and restructured an existing $100 million term loan from the Company’s cash flow term lender.
In closing this complex transaction, Crown aligned multiple stakeholders in generating a solution that drove $15 million in additional liquidity while also significantly improving the economics and structure of the senior facility.
Crown was chosen for its specialized expertise in structuring complex asset-based financing solutions, including navigating split-lien multi-lender transactions. Crown developed a capital strategy to maximize liquidity and financial flexibility for the Company, oversaw the process of aligning the sponsor, the term lender, and potential new ABL lenders and conducted an expedited process that resulted in numerous ABL financing alternatives from which to select.
“On behalf of the entire Siena deal team, I wish to thank Crown Partners for their role in leading this complex multi-lender transaction to a successful outcome. Having now closed several ABL financings with the Crown team, Siena is deeply impressed with Crown’s ability to accelerate and improve the ABL closing process for middle market companies.” — Scott Elliotto, President, Siena Lending Group
“Crown Partners congratulates Siena Lending Group on its successful execution, delivering both a sophisticated borrowing base structure and an attractive term loan backed by fixed assets and intellectual property. In a fast-moving transaction with multiple lenders, it is critical to have a responsive, transparent ABL partner whose deal team has ready access to credit decision makers. Siena lived up to its value proposition, to the benefit of our client.”
— Mark Seigel and Evan Nadler, Crown Partners
About Crown Partners
Crown Partners is a boutique investment bank focused exclusively on middle market asset-based finance. The firm serves private equity sponsors, direct lenders, and public company boards of directors, who entrust Crown to solve complex working capital objectives. The firm consistently delivers superior results for our clients across a wide range of industries, maximizing liquidity and financial flexibility. Crown Partners has offices in New York, Chicago, West Palm Beach, and Manila.
Mark Seigel • Managing Partner
mseigel@crownlp.com
Evan Nadler • Managing Partner
enadler@crownlp.com
Justin Anderson • Managing Director
janderson@crownlp.com
In closing this complex transaction, Crown aligned multiple stakeholders in generating a solution that drove $15 million in additional liquidity while also significantly improving the economics and structure of the senior facility.
Crown was chosen for its specialized expertise in structuring complex asset-based financing solutions, including navigating split-lien multi-lender transactions. Crown developed a capital strategy to maximize liquidity and financial flexibility for the Company, oversaw the process of aligning the sponsor, the term lender, and potential new ABL lenders and conducted an expedited process that resulted in numerous ABL financing alternatives from which to select.
“On behalf of the entire Siena deal team, I wish to thank Crown Partners for their role in leading this complex multi-lender transaction to a successful outcome. Having now closed several ABL financings with the Crown team, Siena is deeply impressed with Crown’s ability to accelerate and improve the ABL closing process for middle market companies.” — Scott Elliotto, President, Siena Lending Group
“Crown Partners congratulates Siena Lending Group on its successful execution, delivering both a sophisticated borrowing base structure and an attractive term loan backed by fixed assets and intellectual property. In a fast-moving transaction with multiple lenders, it is critical to have a responsive, transparent ABL partner whose deal team has ready access to credit decision makers. Siena lived up to its value proposition, to the benefit of our client.”
— Mark Seigel and Evan Nadler, Crown Partners
About Crown Partners
Crown Partners is a boutique investment bank focused exclusively on middle market asset-based finance. The firm serves private equity sponsors, direct lenders, and public company boards of directors, who entrust Crown to solve complex working capital objectives. The firm consistently delivers superior results for our clients across a wide range of industries, maximizing liquidity and financial flexibility. Crown Partners has offices in New York, Chicago, West Palm Beach, and Manila.
Mark Seigel • Managing Partner
mseigel@crownlp.com
Evan Nadler • Managing Partner
enadler@crownlp.com
Justin Anderson • Managing Director
janderson@crownlp.com
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