NXT Capital Agents $52.8MM Facility for New Carbon Acquisition
Thursday, May 03, 2012
NXT Capital provided a $52.8 million senior secured facility to finance PNC RiverArch Capital’s acquisition of New Carbon Company. NXT Capital was the sole lead arranger, sole bookrunner and administrative agent for this transaction.
New Carbon Company is a provider of waffle mix to restaurants, hotels, resorts and colleges and universities, serving over 40,000 customer locations across the U.S. Headquartered in South Bend, IN, the company’s Golden Malted brand of waffle flour was introduced 75 years ago by founder Fred Carbon.
PNC RiverArch Capital is a middle-market private equity firm that invests $10 million to $50 million to support recapitalizations, leveraged and management buyouts, corporate divestitures and growth financings. Its target sectors include outsourced services, specialized manufacturing, and value-added distribution.
“We’re very pleased to complete another transaction with NXT Capital,” said Michael Rost, managing director, PNC RiverArch Capital. “NXT’s flexibility and creativity were instrumental in our ability to close a complex transaction.”