Monroe Capital announced Wednesday that it has provided a $28.45 million credit facility to Evergreen Maintenance Center. Monroe Capital’s debt facility was used to finance the acquisition of Evergreen by Relativity Capital and provide ongoing working capital, the firm said. Monroe Capital also made an equity co-investment in the transaction.
Monroe Capital today announced the funding of a $28.45 million unitranche credit facility to Evergreen Maintenance Center. Monroe Capital’s debt facility was used to finance the acquisition of Evergreen and provide ongoing working capital. In addition, Monroe Capital made an equity co-investment in the transaction alongside the private equity sponsor.
Evergreen Maintenance Center, based in Marana, Arizona, is a 1,200-acre state-of-the art facility that contains three maintenance hangers, a large maintenance flight line, and extensive storage facilities. Certified by the FAA as a Class IV repair station, the company offers full-service aircraft maintenance, repair, and overhaul (MRO) on most types of commercial aircraft, as well as aircraft storage in a non-corrosive desert environment.
Michael J. Egan, Managing Director and Chief Operating Officer at Monroe Capital, said, “We provide innovative financing solutions tailored to meet the needs of leading lower middle-market companies, and the unitranche facility we established for Evergreen Maintenance Center is a classic example of our differentiated approach. We’re very pleased to have the opportunity to work with Relativity Capital L.P. and the senior management team of Evergreen Maintenance Center as they build their business.”
Relativity Co-Founder and Senior Managing Director, Joyce Johnson-Miller said; “EMC is an impressive organization with a proven track record for delivering quality aircraft maintenance and repair services to its customers. We are enthusiastic to enter into a new relationship with Monroe Capital as our financing provider. We have had a strong working relationship with the Monroe team over the last ten years. Monroe Capital was able to meet our total financing needs and provide a flexible platform for EMC’s future expansion.”
About Monroe Capital
Monroe Capital is a private investment firm providing senior and junior debt and equity co-investments to middle-market companies in the U.S. and Canada. Investment types include one-stop financings, bridge loans, acquisition facilities, mezzanine debt, second lien or last-out loans, equity co-investments and acquisitions of distressed debt. Monroe Capital prides itself on its flexible investment approach and its ability to close and fund transactions quickly. Monroe is committed to being a value-added and user-friendly partner to owners, senior management and private equity sponsors.