Chicago, Illinois – NXT Capital announced today that it has provided a senior credit facility to support Shoreline Equity Partners’ refinancing of Engelman’s Bakery.
NXT Capital acted as the Administrative Agent, Sole Bookrunner, and Sole Lead Arranger on this transaction.
“We are pleased to close our second consecutive transaction with NXT Capital in 2024,” stated Mike Hand, Co-Founder and Managing Partner, Shoreline Equity Partners. “The NXT Capital team continues to demonstrate great expertise and innovative, flexible solutions throughout the entire process.”
Engelman’s Bakery is a wholesale bakery offering a complete line of fresh and frozen bread products primarily to restaurants across the Southeast. Founded in 1983 and headquartered in Norcross, Georgia, the company serves over 1,000 customers through an extensive delivery network of both company-owned trucks and trusted distribution partners.
Shoreline Equity Partners (“Shoreline”) is a lower middle market private equity firm focused on actively partnering with leading management teams. Shoreline follows a total stakeholder model, meaning success should be a “win-win” proposition for shareholders, employees, customers, vendors, and the communities within which the firm’s companies operate. Shoreline professionals believe in honesty, incentive alignment, and creating bigger, better businesses without relying on financial engineering or cost cutting to generate returns. With over $750 million of committed capital under management, Shoreline seeks to lead equity investments of up to $150 million per transaction in support of buyouts, recapitalizations, and corporate divestitures. Targeted businesses have enterprise values ranging from $50 million to $350 million and EBITDA of $5 million to $30 million. The firm strives to partner with management teams of businesses primarily within the specialized manufacturing, value-added distribution, and business and facility services sectors, among others.
NXT Capital provides structured financing solutions through its Direct Lending group and targets U.S.-based borrowers with EBITDA between $5 million and $50 million. Since NXT Capital’s inception in 2010, Direct Lending has closed over $28.5 billion in financing commitments in more than 500 platform transactions. NXT Capital is based in Chicago with offices in Atlanta, Dallas, and New York and is a wholly-owned subsidiary of ORIX Corporation USA.
