THL Credit has backed Express Courier‘s acquisition of EagleOne, a provider of same-day courier services in Southern United States. THL Credit and its managed fund, THL Credit Greenway Fund LLC, provided senior subordinated debt capital as part of the acquisition. Express Courier, a portfolio company of The Riverside Company, is headquartered in Franklin, Tennessee, and specializes in same-day and regularly scheduled delivery of time-sensitive or confidential materials across a range of industries.
THL Credit, Inc. TCRD +0.61% (“THL Credit”) today announced that it participated in the financing of Express Courier International, Inc.’s (“Express Courier”) acquisition of EagleOne, Inc., a provider of same-day courier services in the Southern United States. THL Credit and its managed fund, THL Credit Greenway Fund LLC, provided senior subordinated debt capital as part of the acquisition.
Express Courier, a portfolio company of The Riverside Company (“Riverside”), is headquartered in Franklin, Tennessee, and specializes in same-day and regularly scheduled delivery of time-sensitive or confidential materials across a range of industries.
“We are pleased to once again be partnering with Riverside,” said Kunal Soni, Managing Director of THL Credit. “This transaction continues THL Credit’s strategy of partnering with sponsors and management teams of strong companies in growing industries. With its strong regional presence, long-standing customer relationships and differentiated service offering, Express Courier is uniquely positioned to take advantage of new opportunities and continued expansion in the same-day delivery market.”
Separately, THL Credit announced the exit of its investment in Anytime Worldwide (“Anytime”) with $15.0 million of proceeds in December 2011, including the repayment of its loan along with a prepayment premium and the monetization of its equity position. Anytime CEO Chuck Runyon added, “THL Credit has been a valuable partner. The lending and support provided by THL Credit’s team helped us realize the best two-year performance in our company’s history.”
The Anytime exit marks THL Credit’s third realization since inception. Its investments in Intelligrated and SiVance were also fully realized in February 2011 and September 2011, respectively.
About THL Credit
THL Credit is an externally-managed, non-diversified closed-end management investment company that has elected to be treated as a business development company (BDC) under the Investment Company Act of 1940. THL Credit’s investment objective is to generate both current income and capital appreciation, primarily through investments in privately negotiated debt and equity securities of middle market companies.
THL Credit is headquartered in Boston, with additional investment teams in Los Angeles and Houston. THL Credit invests primarily in junior capital securities, including subordinated debt and second lien secured debt, which junior capital may include an associated equity component such as warrants, preferred stock or other similar securities. THL Credit may also selectively invest in first lien secured loans. THL Credit targets investments in middle market companies with annual revenues of between $25 million and $500 million that require capital for growth and acquisitions. THL Credit’s investment activities are managed by THL Credit Advisors LLC, an investment adviser registered under the Investment Advisers Act of 1940.