Crescent Capital has made an undisclosed investment in P+L Systems, a UK-based pest control products provider. P+L Systems is a a portfolio company of Wind Point Partners.
LONDON & LOS ANGELES–(BUSINESS WIRE)–Crescent Capital Group LP, a leading investment firm focused on below investment grade credit, announced today that its Crescent European Specialty Lending strategy completed a unitranche financing to P+L Systems, a UK-based global supplier of durable pest control products and a portfolio company of Wind Point Partners. P+L Systems used the capital in large part for the add-on acquisition of the Environmental Care Unit of Group De Ceuster, a manufacturer and distributer of chemical pest control solutions with operations in Belgium, the Netherlands and France.
The cross-border European transaction fits within Crescent’s longstanding underwriting standards and its commitment to providing access to capital for middle market companies.
“We are pleased to have completed this transaction with P+L in support of its acquisition of GDC Enviro, which when combined will become a leading manufacturer and supplier of pest control products in Western Europe,” said Christine Vanden Beukel, Managing Director and head of Crescent’s European Specialty Lending strategy. “This transaction is representative of the increased interest we are seeing by sponsors and management teams to access capital through unitranche financings provided by established alternative asset managers.”
About Crescent Capital Group
Crescent Capital Group LP, an SEC-registered investment adviser, is headquartered in Los Angeles with offices in Boston, London and New York. With approximately 65 investment professionals and 120 employees, the firm invests at all levels of the capital structure, with a significant focus on below investment grade credit through strategies that invest in senior bank loans, high yield debt, mezzanine debt, distressed debt and other private debt securities. As of September 30, 2014, Crescent Capital Group managed approximately $16 billion in assets, with a relatively equal split between marketable securities and privately originated debt investments.
About P+L Systems
P+L is a market leading global supplier of pest control products. The Company has a comprehensive portfolio of predominantly durable pest control solutions and possesses in-house product development capabilities. The Company’s customer base comprises over 3,000 PCOs and municipalities with end users spanning 80 countries. P+L is headquartered in Harrogate, UK.
About the Environmental Care Unit of Group De Ceuster
The Environmental Care Unit is a market leading manufacturer and distributor of pest control products with operations in Belgium, the Netherlands and France. The business’s product portfolio comprises chemical pest solutions (e.g. insecticides), for which it has significant R&D and manufacturing capabilities. Its brands are highly recognized in their markets and it also offers private label products and manufacturing/formulation services.
About Wind Point Partners
Wind Point Partners is a private equity investment firm that partners with top caliber CEOs to acquire middle market businesses where we can establish a clear path to value creation. Since their founding in 1984, Wind Point has raised over $2.8 billion in commitments. Additional information about Wind Point is available at www.windpointpartners.com.