Babson Capital Management announced Thursday that it provided subordinated debt and made an equity co-investment to support The Riverside Company’s investment in Midnite Air Corp. Babson Capital was the sole provider of subordinated debt on the transaction. Los Angeles-based Midnite Air is a provider of third-party transportation and logistics services to the entertainment, life sciences, aviation and medical industries.
Babson Capital Management LLC, a global investment management firm with more than $154 billion in assets under management and operations on four continents, today announced it provided subordinated debt and made an equity co-investment to support The Riverside Company’s investment in Midnite Air Corp. (dba MNX).
Babson Capital was the sole provider of subordinated debt on the transaction.
Los Angeles-based Midnite Air, founded in 1982, is a leading international provider of third-party transportation and logistics services to customers across the globe, serving the entertainment, life sciences, aviation and medical industries. The company specializes in providing mission-critical logistics services with door-to-door pickup and delivery of time-, temperature-, and security-sensitive materials to locations across the globe.
“Babson Capital has been a highly valued partner to The Riverside Company for more than two decades, and we are pleased to partner with them again on our investment in Midnite Air,” said Riverside Partner Matt Dailey. “Once again, the Babson Capital team displayed the combination of expertise, flexibility and responsiveness that allowed us to complete this transaction in a timely manner.”
“Babson Capital is pleased to join The Riverside Company in the Midnite Air investment,” said Mike Klofas, Managing Director and head of Babson Capital’s Mezzanine & Private Equity Group. “With its expertise in expedited shipping, strong market position and Riverside’s operating experience, Midnite Air is well-positioned for growth, and we look forward to participating in the company’s future success.”
About The Riverside Company
The Riverside Company is a global private equity firm focused on acquiring growing businesses valued at up to $200 million (€200 million in Europe). Since its founding in 1988, Riverside has invested in more than 295 transactions. The firm’s international portfolio includes more than 70 companies.
About Babson Capital
Babson Capital Management LLC and its subsidiaries serve institutional investors around the globe and have over $154 billion in assets under management as of September 30, 2012. Through proprietary research and a focus on investment fundamentals, we develop products and strategies that leverage our broad array of expertise in global corporate debt markets, structured products, debt and equity financing for commercial real estate, and alternatives. Headquartered in Boston, the firm’s subsidiaries include Cornerstone Real Estate Advisers LLC and Wood Creek Capital Management, LLC.