Eco-Site picks up $50 mln loan from Varagon

Varagon Capital Partners has provided a $50 million credit facility to Durham, North Carolina-based Eco-Site, a wireless tower and infrastructure company. Varagon was the administrative agent and lead arranger on the transaction, which also included previous Eco-Site backer MSouth Equity Partners.

PRESS RELEASE

New York, NY, May 7, 2018 – Varagon Capital Partners (Varagon) today announced a credit facility to support the continued growth of Eco-Site, a North Carolina-based wireless tower and infrastructure company. Varagon served as administrative agent and lead arranger on the deal, which included MSouth Equity Partners, a long-time financial partner of Eco-Site.

Headquartered in Durham, North Carolina, Eco-Site builds, owns and operates wireless towers and infrastructure sites in the most desirable areas. Founded in 2012 by wireless industry executives with extensive carrier and infrastructure experience, the company provides superior real estate solutions for network densification and expansion. Eco-Site offers single-point access to a nationwide pool of sites, including build-to-suit towers, colocation solutions and retail properties.

“Extending Varagon’s investment in the telecommunications space with MSouth and Eco-Site offers great promise, especially considering their track record in this space,” said Sam Kwon, Managing Director of Varagon. “We look forward to working with such a strong management team, led by CEO Dale Carey, as they write the next chapter in the Eco-Site story and capitalize on the growth potential of wireless.”

“The entire Varagon team proved to be reliable and easy to work with as they provided a flexible debt solution to help fuel the business. They played an integral role in this transaction and the MSouth team is pleased to have Varagon provide this latest funding for Eco-Site,” stated Barry Boniface, Partner of MSouth Equity Partners.

About MSouth Equity Partners
MSouth Equity Partners is a private equity investment firm that provides equity capital and expertise to support management teams in acquisitions and recapitalizations of lower middle market companies. Based in Atlanta, Georgia, MSouth invests primarily in the South with a consistent focus on management buyouts of companies in sectors where the firm has significant investment, management and transactional experience. A key element of MSouth’s investment strategy is partnering with proven management teams to create value. With $1.3 billion under management across three funds, MSouth is a successor to Cravey, Green & Wahlen, Inc., which was founded in 1984.

For additional information about MSouth, please visit www.msouth.com.

About Varagon Capital Partners
Varagon is a leading lender to middle market companies and private equity firms. Varagon invests across the capital structure and delivers flexible financing solutions that meet the needs of borrowers. Varagon provides investors with exposure to high-quality, directly-originated middle market loans through products designed for sophisticated institutions. Since inception, Varagon has made over $6.5 billion of commitments to over 100 middle market companies.

For additional information about Varagon, please visit www.varagon.com.