CVC Credit Partners provided a first lien senior secured debt facility to Wastewater Specialties, LLC. The company used the proceeds to refinance existing debt and support future growth through equipment purchases. Wastewater Specialties provides industrial cleaning services to businesses in the industrial, marine, oilfield and commercial sectors.
New York – CVC Credit Partners (“CVC”) announced today that CVC’s U.S. Middle Market Private Debt business acted as Administrative Agent on a first lien senior secured debt facility provided to Wastewater Specialities, LLC (“WWS”). The proceeds were used to refinance existing debt and support future growth through equipment purchases.
Headquartered in Lake Charles, Louisiana and employing over 300 people, WWS is a provider of industrial and specialty cleaning services to >500 industrial, marine, oilfield and commercial customers. The company was acquired in December 2014 by Polus Capital and management.
David Rous, Managing Director in CVC Credit Partners’ Private Debt business said: “We are delighted to partner with WWS and look forward to helping the company meet its growth targets. WWS has a great team and is ideally positioned to take advantage of substantial industry tailwinds.”
Alan Ying, Managing Director at Polus Capital and CEO of WWS, commented: “The CVC team was responsive, thoughtful, and constructive. They delivered a flexible, fully underwritten solution that will help WWS achieve its goals. We look forward to our continued relationship with CVC.”
About CVC Credit Partners
CVC Credit Partners is the credit management business of CVC. Formed through a merger of predecessor firms that date back to 2005 and supported by a team of 51 dedicated investment professionals, CVC Credit Partners is a global credit asset manager with offices in the U.S. and UK and $16.4 assets under management, as at Q1 2017.
CVC Credit Partners seeks to generate for its investors positive absolute returns and attractive risk-adjusted returns on capital throughout the credit cycle. CVC Credit Partners has built a diverse platform which creates significant synergies across its three investment strategies: Performing Credit, Credit Opportunities & Special Situations and Private Debt.
CVC Credit Partners’ Private Debt strategy, which now has US$1.2 billion of AuM globally, invests in middle-market companies out of three vehicles across Europe and the U.S.