Prospect backs recap of LLCP’s Pacific World

Prospect Capital Corp. has provided $215 million in financing to support the recapitalization of Pacific World, a portfolio company of Levine Leichtman Capital Partners. Based in Aliso Viego, Calif., Pacific World is a provider of nail and beauty care products.


NEW YORK, NY–(Marketwired – Sep 29, 2014) – Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”) announced today that Prospect recently provided $215 million of first lien senior secured credit facilities to support the recapitalization of Pacific World Corporation (“Pacific World”), a portfolio company of Levine Leichtman Capital Partners (“LLCP”).

Founded in 1973 and headquartered in Aliso Viejo, California, Pacific World is a leading innovator and supplier of proprietary nail and beauty care products to the food, drug, mass, and value retail channels worldwide. Pacific World markets over 5,000 products in more than 86,000 retail locations worldwide with leading brands that include Nailene, Trim, SensatioNail, Fuse, Fing’rs, and Woodward’s Myocide. Pacific World also acts as the exclusive sales and marketing distributor of Bio-Oil in the United States and holds a licensing agreement to market Revlon-branded artificial nails and false eyelashes.

“We have enjoyed working with Prospect on our first transaction together,” said Kimberly Pollack, a Partner at LLCP. “Prospect’s responsiveness and ability to provide a large one-stop financing solution were integral to the success of this transaction, and we look forward to growing our relationship with the Prospect team.”

“We are excited to provide a one-stop financing solution to Pacific World,” said Richard Carratu, a Managing Director of Prospect Capital Management LLC. “We welcome the opportunity to support LLCP and the Pacific World management team as they continue to grow the business.”

The $215 million financing provided by Prospect marks the eleventh time in the last two years that Prospect has invested over $100 million in a single transaction.

Currently with over $7 billion of capital under management, Prospect has closed over $2 billion of new originations so far in calendar year 2014.

Prospect Capital Corporation ( is a business development company that focuses on lending to and investing in private businesses. Prospect’s investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.

Prospect has elected to be treated as a business development company under the Investment Company Act of 1940 (“1940 Act”). Prospect is required to comply with a series of regulatory requirements under the 1940 Act as well as applicable NASDAQ, federal and state rules and regulations. Prospect has elected to be treated as a regulated investment company under the Internal Revenue Code of 1986. Failure to comply with any of the laws and regulations that apply to Prospect could have an adverse effect on Prospect and its shareholders.

Levine Leichtman Capital Partners is a Los Angeles, California-based investment firm that manages approximately $7 billion of institutional investment capital through private equity partnerships, and various debt and leveraged loan funds. LLCP is currently making new investments through Levine Leichtman Capital Partners V, L.P., Levine Leichtman Capital Partners SBIC Fund, L.P., and Levine Leichtman Capital Partners Private Capital Solutions, L.P. Prior investments by Levine Leichtman Capital Partners include Santa Cruz Nutritionals, CiCi’s Pizza, Hackney Ladish, Jon Douglas Real Estate Group, and Luminator Technology Group.