NXT Capital announced that it has upsized its existing senior credit facility for Material Handling Services to $153 million to cover add-on acquisitions. Material Handling Services is a portfolio company of CI Capital Partners.
NXT Capital acted as the joint lead arranger, administrative agent and joint bookrunner for this transaction.
“We are thrilled to work with NXT Capital again and appreciate their continued support of Material Handling Services,” said Tim Hall, Managing Director, CI Capital Partners. “NXT provided a flexible financing solution to support the company's acquisition activity."
Material Handling Services is the largest provider of brand-independent fleet management and asset management services to Fortune 2000 retail, manufacturing, distribution, healthcare and hospitality companies. Based in Perrysburg, Ohio, the company primarily delivers its services via two business units, Miner and Total Fleet Solutions. Miner provides outsourced facility services including equipment installation, repairs and asset management solutions to reduce customer costs and improve uptime. Total Fleet Solutions is a brand independent provider of turnkey fleet management services for Fortune 1000 companies and large manufacturing & distribution companies throughout North America.
CI Capital Partners is a leading North American private equity firm with $1.9 billion in assets under management, which has been investing in middle-market companies since 1993. Since inception, CI Capital and its portfolio companies have made over 190 acquisitions representing approximately $8 billion in enterprise value. CI Capital's existing portfolio consists of companies that collectively generate annual revenue of over $2.5 billion and annual EBITDA of approximately $300 million and employ over 9,000 people.
NXT Capital provides structured financing solutions through its Corporate Finance and Real Estate Finance groups and is based in Chicago with offices in Atlanta, Dallas, Los Angeles, Nashville, New York, Phoenix, and San Francisco.