Babson Capital Management has provided undisclosed funding to back Accruent LLC’s buy of Boston-based VFA Inc, a provider of solutions for facilities’ capital planning and asset management. Accruent is owned by TA Associates.
CHARLOTTE, N.C., Feb. 12, 2015 /PRNewswire/ — Babson Capital Management, a leading global asset management firm with more than $212 billion in assets under management, today announced it agented senior secured credit facilities to support Accruent LLC’s acquisition of VFA Inc. The deal included a revolving credit facility and a term loan facility.
The acquisition enables Accruent, a leading provider of cloud-based SaaS real estate and facilities management solutions, to provide customers with integrated management of facilities operating and capital budgets. Accruent is majority owned by TA Associates, a leading global growth private equity firm, and this is the third transaction where Babson has partnered with TA Associates on investments in the company. In 2013, Babson acted as Administrative Agent and Sole Lead Arranger to support TA Associates’ majority investment in Accruent. Babson also partnered with TA Associates on another transaction in 2014 to support Accruent’s growth.
“Babson has been a valuable partner for TA Associates in financing strategic acquisitions that have made Accruent a clear market leader,” said Hythem El-Nazer, Director of TA Associates. “Babson’s reliability and its capacity to provide surety to close were critical to completing these transactions, and we look forward to the opportunity to work with Babson again soon.”
“Babson values the successful partnership we’ve shared with TA Associates over the past two decades,” said Ian Fowler, Managing Director and head of Babson’s U.S. Middle Market Lending Group. “We are excited about Accruent’s growth, and the opportunity to leverage the global resources and deep industry expertise of TA Associates to create enterprise solutions that deliver great value for Accruent’s customers.”
Accruent helps real estate and facilities leaders deliver long-term, world-class operational and financial performance through industry-specific cloud-based SaaS products that deliver greater customer value. Accruent’s solutions are at work in more than 4,000 leading organizations worldwide, including 40 percent of the Top 100 Retailers, 20 percent of the Fortune 500, 100 leading universities, all of the Top 4 U.S. wireless carriers, 40 percent of U.S. hospitals, and leading service providers managing more than 4 billion square feet of property. Founded in 1995, Accruent is headquartered in Austin, Texas. For more information, visit www.accruent.com.
About TA Associates
TA Associates is one of the largest and most experienced global growth private equity firms. The firm has invested in more than 440 companies around the world and has raised $18 billion in capital. With offices in Boston, Menlo Park, London, Mumbai and Hong Kong, TA Associates leads buyouts and minority recapitalizations of profitable growth companies in the technology, financial services, business services, healthcare and consumer industries. More information about TA Associates can be found at www.ta.com.
About Babson Capital Management
Babson Capital Management LLC is a leading global asset management firm with over $212 billion in assets under management as of December 31, 2014. Through proprietary research, analysis and a focus on investment fundamentals, the firm and its global affiliates develop products and strategies that leverage its broad expertise in global fixed income, structured products, middle market finance, commercial real estate, alternatives and equities. A member of the MassMutual Financial Group, Babson maintains a strong global footprint with operations on four continents and clients in over 20 countries. Learn more at www.babsoncapital.com