LBC Credit Partners has agented a $37.5 million senior secured term loan to support the purchase of High Performance Industries Inc. by an affiliate of Monomoy Capital Partners LP. High Performance Industries is a manufacturer of high-performance automotive aftermarket products doing business under the name “Holley.” LBC also provided an equity co-investment to support the purchase.
LBC Credit Partners (“LBC”), a leading provider of financing solutions to middle market companies, announced they agented a $37.5 million senior secured term loan to support the purchase of High Performance Industries, Inc. by an affiliate of Monomoy Capital Partners LP (“Monomoy”), a New York based private equity group. Headquartered in Kentucky, High Performance Industries, Inc. is a manufacturer of high-performance automotive aftermarket products doing business under the name Holley.
Holley manufactures products such as carburetors, electronic fuel injection kits, exhaust headers and fuel pumps, marketing them under well-known brands like Holley, Hooker Headers, Flowtech, Earl’s and Weiand. The company has a workforce of about 350 and two production facilities, one in its home state and another in Mississippi.
LBC also provided an equity co-investment to support the purchase.
“We have a high regard for Monomoy Capital Partners, and this is a continuation of our strong relationship,” said Homyar M. Choksi, Managing Director with LBC. “We were very happy to play a part in their acquisition of Holley; this deal will allow Holley to continue to innovate, launch new products, expand its market share and improve its earnings.”
Monomoy partner Justin Hillenbrand said that the acquisition of Holley was an exciting opportunity for them, creating a new investment platform for the private equity group.
“LBC gave us straight answers throughout the process and delivered on what was promised. Having a partner who can get the deal done with no surprises is crucial, and that is what we have experienced in our relationship with LBC,” he said.
With $700 million in assets under management, Monomoy Capital Partners is a private investment firm dedicated to constructive investing and business improvement in the lower middle market. They target companies with revenues between $50 and $500 million which are fundamentally sound but may be facing operational, financial or business challenges. They create value for their investors and portfolio companies by giving managers the financial, strategic and operational resources they need to succeed.
About LBC Credit Partners, Inc.
LBC Credit Partners, Inc. is a leading provider of middle market financing solutions including senior term, unitranche, second lien, and mezzanine debt and equity co-investments supporting sponsored and non-sponsored transactions. With more than $1.4 billion of capital under management, LBC has made investments in companies located throughout North America across a wide range of industries and is committed to a long-term approach to debt investing.