LBC Credit Partners Supports Audax Private Equity in the Refinancing of Arnold Magnetic Technologies Corporation
PHILADELPHIA, May 25 /PRNewswire/ -- LBC Credit Partners, a leading provider of financing solutions to middle market companies, announced the funding of a $45 million unitranche loan to support the refinancing of Audax Private Equity's portfolio company Arnold Magnetic Technologies Corporation ("Arnold"). Arnold is one of the largest magnetic product manufacturers in the world producing a wide range of both permanent and soft magnetic products and assemblies at facilities in the United States, the United Kingdom, Switzerland and China. Arnold has thousands of customers within markets that include consumer, industrial, medical, military, aerospace and telecommunications.
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"We are pleased to have provided a one-stop financing solution that will allow Arnold's management team and Audax to meet the growth objectives for their business," said Homyar Choksi, a Managing Director with LBC. "We look forward to working with Audax and the management team."
Oliver Ewald, Managing Director of Audax Private Equity, said, "We are excited to partner with LBC to support the continued success of Arnold. Together we will provide management with the operational and financial resources to continue on their growth trajectory."
LBC Credit Partners is a leading provider of middle market financing solutions including senior term, unitranche, second lien, junior secured, and mezzanine debt; and equity co-investments to companies with EBITDA generally greater than $10 million. LBC follows a long-term approach to investing adhering to a "lend and hold" strategy and typically invests $10 million to $50 million per transaction supporting acquisitions, growth strategies, refinancings, recapitalizations, and restructurings. LBC has more than $1 billion of capital under management and has made investments in a wide range of industries located throughout North America. For additional information please visit www.lbccredit.com or contact Homyar Choksi at 215-609-3348.
Audax Group, founded in 1999, is a leading investor in small cap and lower-middle market companies. With offices in Boston and New York, Audax manages in excess of $4.3 billion of equity, mezzanine debt, and senior loan capital. For more information visit the Audax Group website www.audaxgroup.com
SOURCE LBC Credit Partners
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