Cleveland-based Sweeping Corporation of America, a self-performing power sweeping company, has secured a $106 million credit facility. PineBridge was the sold lead arranger and administrative agent for the facility. The capital will be used for acquisitions and growth. SCA is a portfolio company of Soundcore Capital Partners.
CLEVELAND, June 28, 2019 /PRNewswire/ — Sweeping Corporation of America (“SCA”), a Soundcore Capital Partners portfolio company, announced that it has recently entered into a $106,000,000 credit facility led by PineBridge Private Credit (“PineBridge”). PineBridge served as the sole lead arranger and administrative agent for the facility, which will provide support for upcoming add-on acquisitions and growth initiatives.
“SCA has grown rapidly, acting as a leader in the self-performing power sweeping space, both through organic growth and acquisition,” said John Landefeld, Chief Financial Officer of SCA. “We plan on continuing to expand within our existing footprint and continue to look for best in class operators to partner with in new markets. We look forward to working with PineBridge to execute on this strategy.”
Headquartered in Cleveland, Ohio, SCA is the largest self-performing power sweeping company in the United States. SCA services municipalities, departments of transportation, road and paving contractors, retail and commercial parking lots, and industrial complexes. SCA serves its customers daily with a presence across 33 locations in 15 states. For additional information, please visit www.sweepingcorp.com.
About Soundcore Capital Partners
Soundcore Capital Partners is a private investment firm specializing in control equity investments of lower middle market North American (U.S. or Canada) headquartered businesses. The firm partners with exceptional management teams and creates long-term value for investors through a combination of strategic acquisitions and internal growth initiatives. For additional information on Soundcore Capital Partners, please visit www.soundcorecap.com.
About PineBridge Investments
PineBridge Investments is a private, global asset manager focused on active, high-conviction investing. PineBridge Private Credit is the firm’s direct lending business, providing senior secured loans to U.S.-based middle market companies. We draw on the collective power of our experts in each discipline, market, and region of the world through an open culture of collaboration designed to identify the best ideas. Our mission is to exceed clients’ expectations on every level, every day. As of March 31, 2019, the firm managed U.S. $93.4 billion across global asset classes for sophisticated investors around the world.
Kirkland & Ellis LLP served as legal counsel for SCA for this transaction.