Sun Capital Partners has closed a dividend recapitalization of Boulder, Colorado-based Spectralink, a provider of wireless communication devices. No financial terms were disclosed. Livingstone served as adviser on the transaction.
Chicago, June 1, 2016 – Livingstone, an international mid-market M&A and debt advisory firm, is pleased to announce the recapitalization of Mobile Devices Parent Holdings, LLC (d/b/a “Spectralink” or the “Company”), an affiliate of Sun Capital Partners, Inc. (“Sun Capital”). The Private Bank & Trust Co. provided the dividend financing to support Sun Capital’s investment in Spectralink.
Spectralink is a global provider of on-site enterprise wireless communication devices including wireless handsets, infrastructure, accessories–using Wi-Fi, Digital Enhanced Cordless Telecommunications (“DECT”), and proprietary wireless networks. The Company integrates into customers’ core communication infrastructure and delivers critical communications solutions to enterprises in sectors that employ mobile employees, including healthcare, retail, hospitality, warehousing, and manufacturing industries. Spectralink is headquartered in Boulder, CO and its products are sold internationally through distributors, OEMs and direct channels.
“Livingstone was quick to understand Spectralink’s operations and secured an excellent result for the Company that was customized appropriately to provide management with the right capital structure to execute on its strategic plans” remarked Kurt Lentz, Principal at Sun Capital.
Sun Capital is the latest financial sponsor to utilize Livingstone’s Debt Advisory team to source a customized financing solution for a portfolio company. Last month, Livingstone secured an expanded credit facility for Premium Inspection & Testing Inc., a portfolio company of Calvert Street Capital Partners; while Livingstone’s London team raised acquisition financing for CLEAN, a portfolio company of MML Capital Partners.
“The vast amount of financing sources lending today makes it highly efficient for sponsors to outsource capital raising to debt specialists who maintain constant contact with the broad market. Additionally, sponsors also realize many transactions are unique and complex, making them difficult to finance. Transactions that involve customer concentrations, overseas earnings, or out of favor sectors are exceptionally difficult. However, with an international reach and consistent deal flow, Livingstone has built a strong track record of closing these complex deals on the best terms the market can bear.” commented Tom Lesch Livingstone’s Debt Advisory Partner.
This transaction marks the latest announcement for Livingstone’s growing Debt Advisory team. Last month, Livingstone announced the hiring of Managing Director Mark Birkett, who joined the firm from William Blair. Birkett will work alongside Tom Lesch in securing customized financing solutions for a variety of sponsors and middle-market companies.
About Sun Capital Partners, Inc.
Sun Capital Partners is a global private equity firm focused on identifying companies’ untapped potential and leveraging its deep operational and financial resources to transform results. Sun Capital is a trusted partner that is recognized for its investment and operational experience, including particular expertise in the consumer products and services, food and beverage, industrial, packaging, chemical, building products, automotive, restaurant and retail sectors. Since 1995, Sun Capital has invested in more than 320 companies worldwide across a broad range of industries and transaction structures. Sun Capital has offices in Boca Raton, Los Angeles and New York, and affiliates in London, Frankfurt, Paris, Stockholm and Shenzhen. For more information, visit www.suncappart.com.
Livingstone Debt Capital Markets
Livingstone’s dedicated Debt Capital Markets team provides a broad range of fixed income services to domestic and international clients, including corporations and financial sponsors around the world. With an extensive global footprint, Livingstone has expertise and execution capabilities in a variety of products and cross-border situations. As an independent investment bank not affiliated with any financial lending institutions, Livingstone is uniquely positioned to objectively arrange the most borrower-friendly capital structures for clients. The firm specializes in a variety of security types (Senior Bank Debt, Junior Secured Debt, Mezzanine Debt, and Convertible Debt) to support leveraged buyouts, management buyouts, refinancing, and balance sheet recapitalizations.