NXT Capital announced Thursday (2 June) that it acted as joint lead arranger, administrative agent and joint bookrunner for a $53 million increase of an existing $100 million senior credit facility to Material Handling Services, a CI Capital portfolio company. The original facility was provided in May 2014. The additional funds will used to support add-on acquisitions.
Representatives for NXT and CI Capital declined to provide further details about the transaction.
Material Handling Services provides fleet and asset management services, material handling equipment, doors and docks to North American manufacturing, distribution, healthcare and hospitality companies. Based in Perrysburg, Ohio, the company maintains two business units: Miner, which provides facility service and equipment installation; and Total Fleet Solutions, which provides fleet-management services.
CI Capital is a mid-market focused private equity firm with $1.9 billion in assets that was founded in 1997. The New York- based firm focuses on mid-market transactions in the business services, distribution, healthcare services, government services, defense and light manufacturing sectors.
NXT Capital is a mid-market lender based in Chicago that maintains additional offices in Atlanta, Dallas, Los Angeles, Nashville, New York, Phoenix and San Francisco. Founded in 2009 by veterans of Merrill Lynch Capital and Heller Financial with the support of Stone Point Capital, the firm has dedicated corporate finance and real estate finance units.