LBC Credit Partners has provided a loan to back New Water Capital Partners‘ recapitalization of Pride Family Brands. No financial terms were disclosed. Based in Fort Lauderdale, Florida, Pride is a maker of outdoor furniture.
PHILADELPHIA, July 21, 2015 /PRNewswire/ — LBC Credit Partners (“LBC”), a leading provider of financing solutions to middle market companies, provided a senior secured term loan to support the recapitalization and investment in Pride Family Brands (“Pride” or the “Company”) by New Water Capital Partners (“New Water”).
LBC Credit Partners served as Agent for the senior secured term loan facility.
Headquartered in Fort Lauderdale, Florida, Pride designs, manufactures and distributes hand-forged artisan quality aluminum outdoor furniture under the Castelle, Prestige and Expressions brands, and designs and supplies promotional outdoor furniture under SummerWinds and private label brands. Pride was founded over 30 years ago by Bernie Lowsky and his sons Jamie and Steve Lowsky, who successfully grew the company from a local retailer to an international designer, manufacturer and distributor of unique outdoor furniture now servicing over 1,000 retail locations across the United States.
New Water Capital Partners, a $406 million private equity fund, is focused on investing in lower middle market companies with revenues between $30 and $300 million in the Consumer Products, Retail and Industrial Manufacturing & Services industries. New Water is differentiated through its ability to bring the experience, resources and sophistication of large scale investment firms to lower middle market companies where they can meaningfully impact business performance.
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 $1.75 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. Headquartered in Philadelphia, LBC has additional offices in Chicago and Greenwich. To learn more about LBC Credit Partners, visit www.lbccredit.com.