MidCap Financial Closes Senior Secured Credit Facility and Equity Co-invest to Core Equipment Group

BETHESDA, MD, April 10, 2026 – MidCap Financial, a leading commercial finance company focused on middle market transactions, today announced it has provided a senior secured credit facility and equity co-invest to LB GTMA Opco, LLC (dba “Core Equipment Group” or the “Company”). Proceeds from the credit facility were used to finance the acquisition of the GT Mid Atlantic, a premier heavy equipment dealer.

CORE is owned and backed by LB Advisors, a Santa Monica, California-based private equity firm specializing in middle-market companies. “The strong financial backing from our ABL lender MidCap Financial enabled a successful acquisition and we look forward to the partnership,” added Russell Belinsky, Co-Founder of LB Advisors.

"The 68 year history of GT Mid Atlantic coupled with the growth opportunities ahead makes this an exciting one," said Bianca Barredo, Head of Enterprise ABL at MidCap Financial. "The transaction is yet another example of MidCap Financial's ability to partner with private equity to offer a comprehensive financing solution."

About the Company

Core Equipment Group is a Mid‑Atlantic–based construction equipment dealer founded in 1958 (including its predecessors) and headquartered in Essex, Maryland. The Company provides a full‑service, one‑stop solution for new and used equipment sales, equipment rental, parts, and service, primarily serving non‑residential, infrastructure, and maintenance‑driven end markets. Core Equipment Group operates eight strategically located facilities across Maryland, Delaware, New Jersey, and southeastern Pennsylvania and represents leading OEMs including CASE Construction Equipment, Roadtec (Astec), Liebherr, and  Sakai. The Company serves approximately 5,800 customers with a highly recurring revenue base, supported by a modern fleet with an average age of ~4 years and a large installed equipment base that drives durable parts, service, and rental demand.

About the Sponsor

LB Advisors, LLC is a Los Angeles–based private equity firm focused on recapitalizations, special situations, and acquisitions of small‑ and middle‑market companies. The firm targets businesses that are misunderstood or undervalued, undergoing operational or financial turnarounds, or corporate carve‑outs, and invests across equity, debt, and hybrid structures with a typical 3–7 year investment horizon. LB Advisors emphasizes hands‑on operational involvement, capital structure optimization, and strategic repositioning, and is led in this transaction by co‑founder and managing partner.

About MidCap Financial

MidCap Financial is a middle-market focused, specialty finance firm that provides senior debt solutions to companies across all industries. As of December 31, 2025, MidCap Financial provides administrative or other services for approximately $61 billion of commitments*. MidCap Financial is managed by Apollo Capital Management, L.P., a subsidiary of Apollo Global Management, Inc, pursuant to an investment management agreement. Apollo had assets under management of approximately $938 billion as of December 31, 2025.

For more information about MidCap Financial, please visit www.midcapfinancial.com.

For more information about Apollo, please visit www.apollo.com.

*Including $6.7 billion of commitments managed by MidCap Financial Services Capital Management LLC, a registered investment adviser, as reported under Item 5.F on Part 1 of its Form ADV

Contact:  MidCap Financial Services, LLC

Garrett Fletcher, President of Structured Finance

301-841-6439

gfletcher@midcapfinancial.com