LBC Credit Partners has provided credit facilities to back Huron Capital’s refinancing of Drake Automotive Group and the add-on acquisitions of Proforged and DV8. LBC was the agent and sole lead arranger on the credit facilities. No financial terms were disclosed. Drake is an automotive aftermarket parts brand while Proforged is a provider of steering and suspension products sold online to auto parts retailers. And, DV8 is a a maker of off-road accessories and wheels.
PHILADELPHIA, June 26, 2018 /PRNewswire/ — LBC Credit Partners (“LBC”), a leading provider of financing solutions to middle market companies, provided senior secured credit facilities to Huron Capital to support the refinancing of Drake Automotive Group (“Drake”) and the add-on acquisitions of Proforged and DV8.
LBC served as Agent and Sole Lead Arranger for the senior secured credit facilities.
Drake is an automotive aftermarket parts brand serving the classic car, off-road, and late model “muscle car” categories. Drake is differentiated by its design and engineering capabilities which focus on replicating the look and feel of original production. Over a 30-year history, this focus on authenticity has driven brand strength synonymous with Ford Mustang® and other classic muscle cars.
Based in Colorado, Proforged has a strong presence in the wear-and-tear replacement market with more than 2,000 steering and suspension products across all major vehicle platforms and brands sold online to auto parts retailers.
Southern California-based DV8 Off-Road builds high quality Jeep® off-road accessories.
Huron Capital is an operationally-focused private equity firm with a long history of growing lower middle-market companies through their proprietary ExecFactor® buy-and-build investment model. Founded in 1999, Huron Capital has raised over $1.8 billion in capital through six committed private equity funds and invested in over 150 companies. Their sector focus includes business services, consumer products & services and specialty industrials.
About LBC Credit Partners
LBC Credit Partners is a leading provider of middle market financing solutions including senior term, unitranche, second lien, junior secured and mezzanine debt and equity co-investments supporting sponsored and non-sponsored transactions. With over $3 billion* of capital commitments, 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. LBC is headquartered in Philadelphia, with offices in Chicago, New York and Los Angeles. To learn more, visit www.lbccredit.com.