NXT Capital in $88m loan for car auction buyout

The senior financing supports Trinity Hunt Partners’ acquisition of America’s Auto Auction.

NXT Capital has provided an $88 million senior secured credit facility to support Trinity Hunt Partners' acquisition of America's Auto Auction. The Chicago-based lender acted as a joint lead arranger, administrative agent and joint bookrunner in the transaction, NXT announced today (22 April).

America's Auto Auction is a provider of pre-owned car auctions with locations throughout the eastern US. The company is headquartered in Dallas.

“The team's existing relationships with management and deep industry knowledge meant NXT could deliver a financing solution with the ease and certainty we needed and flexibility for continued growth,” Dan Dross, managing partner, Trinity Hunt Partners, said in a statement.

Trinity Hunt Partners, which is also based in Dallas, is a private equity firm focused on mid-market companies valued between $15 million and $150 million in need of investment for growth. The firm invests in companies in business services, industrial products and services and healthcare.

NXT Capital provides structured financing to mid-market companies and real estate investors through its corporate finance, equipment finance and real estate finance groups. The firm recently raised its third senior loan fund at $800 million and is in the process of investing that capital, as PDI previously reported .

Based in Chicago, with offices in Atlanta, Charlotte, Dallas, Kansas City, Los Angeles, Nashville, New York, Phoenix, San Francisco and Stamford, NXT Capital targets senior financing opportunities of up to $150 million with a hold size up to $50 million.