Audax Private Debt has provided financing to back AVALT‘s recapitalization of Fairfield, New Jersey-based Ned Stevens, a provider of residential gutter cleaning and essential exterior home services. No financial terms were disclosed.
NEW YORK–(BUSINESS WIRE)–Audax Private Debt announced that, as Co-Lead Arranger, it provided a unitranche facility to support a recapitalization of Ned Stevens (“Ned”), a leading provider of residential gutter cleaning and essential exterior home services, by AVALT, a family office that makes direct private equity investments. The financing will be used to support Ned’s continued growth in existing markets and expansion into new geographies.
Based in Fairfield, NJ, Ned provides gutter cleaning, soft wash, and other related, non-discretionary residential services in 15 states. The company’s well-deserved reputation for high quality service has fueled its rapid growth, including through expansion into new markets and the addition of complementary service offerings.
“Ned is a market-leading company with a valuable and differentiated service offering, and we are excited to continue supporting its growth,” said Steve Ruby, Managing Director at Audax Private Debt. “The Ned team has done an outstanding job building the business and increasing its geographic footprint, and we believe the AVALT team will bring the right mix of skills and experience to help Ned reach its next level of growth and expansion.”
“Audax Private Debt has been a flexible and reliable financing partner throughout our investment process,” said Marko Kivisto, Partner and Co-Founder of AVALT. “The Audax team operated efficiently and collaboratively to respond to our investment needs. We are confident in their ability to scale and support our growth objectives as our partner throughout this investment.”
About Audax Private Debt
Audax Private Debt has invested over $18 billion across more than 750 established middle market companies in support of over 180 private equity sponsors. Our platform offers a range of financing solutions, including first lien, stretch senior, unitranche, second lien, subordinated debt, and equity co-investments. We provide financing certainty, add-on investment capability, and the experience and collaborative approach to work with portfolio companies. Based in New York, our experienced team of investment professionals has built lasting relationships, establishing Audax Private Debt as a trusted name and leader in the U.S. middle market. For more information, visit the Audax Private Debt website www.audaxprivatedebt.com.
Audax Private Debt is an integral part of Audax Group, a leading alternative investment manager with offices in New York, Boston, and San Francisco. Since its founding in 1999, the firm has raised over $25 billion in capital across its Private Debt and Private Equity businesses.
About Ned Stevens
Founded in 1965 and headquartered in Fairfield, New Jersey, Ned Stevens (www.nedstevens.com) is a leading provider of gutter cleaning, soft wash, and other related, non-discretionary residential services in 15 states. Ned’s client-focused team of field service workers provide necessary exterior services to residential homes across the US.