H.I.G. WhiteHorse has provided a $70 million senior secured term loan to publicly traded School Specialty Inc. Greenville, Wisc.-based School Specialty designs, develops, and provides educators with curriculum, supplemental learning resources, and school supplies.
H.I.G. WhiteHorse announced today that an affiliate has provided a new $70 million Senior Secured Term Loan to School Specialty, Inc. (NASDAQ: SCHS) (“School Specialty” or the “Company”). Headquartered in Greenville, WI, School Specialty is a leading preK-12 education company that designs, develops, and provides educators with curriculum, supplemental learning resources, and school supplies to help engage and inspire students of all ages and abilities to learn. The H.I.G. WhiteHorse term loan, along with a new asset-based revolving credit facility, was used to re-finance the Company’s existing senior credit facilities.
“We are pleased to announce the refinancing of our credit agreement,” said School Specialty’s President and CEO Michael P. Lavelle. “With this important step in our planning behind us, we are poised to further focus our business and accelerate our transformational activities to drive long term growth and enhance value to our customers and investors.”
Jackson Craig, Managing Director at H.I.G. WhiteHorse added, “We are excited to work with the management team of School Specialty and to support the Company’s growth initiatives. School Specialty is a well-managed business with a leading position in its markets.”
About School Specialty, Inc.
School Specialty is a leading education company that provides innovative and proprietary products, programs and services to help educators engage and inspire students of all ages and abilities to learn. The Company designs, develops, and provides preK-12 educators with curriculum, supplemental learning resources, and school supplies. Working in collaboration with educators, School Specialty reaches beyond the scope of textbooks to help teachers, guidance counselors and school administrators ensure that every student reaches his or her full potential. For more information about School Specialty, visit www.schoolspecialty.com.
About H.I.G. WhiteHorse
H.I.G. WhiteHorse provides debt financing to middle market companies in the U.S. and Europe. H.I.G. WhiteHorse has a broad investment mandate to provide senior and subordinated debt for refinancing, growth capital, acquisitions, buyouts and balance sheet recapitalizations. Credit facilities typically range in size from $15 to $100 million for companies with revenues of $50 million or more. With twelve offices throughout the U.S., Europe and South America and over 225 investment professionals to draw upon, H.I.G. WhiteHorse has the experience, resources, and flexibility required to provide capital solutions quickly, and the strategic and operational expertise to help support its investments. H.I.G. WhiteHorse is an affiliate of H.I.G. Capital, a leading global private investment firm with more than $8.5 billion of equity capital under management. Since its founding in 1993, H.I.G. Capital has invested in more than 200 companies worldwide and has developed an extensive track record for creating value for its partners and investors.