Philadelphia, PA, January 9, 2019 – LBC Credit Partners ("LBC") a leading provider of financing solutions to middle market companies, announced an increase in the Drake Automotive Group (“Drake”) credit facility to support the acquisition of Addictive Desert Designs (“ADD”). The purchase of ADD is the sixth add-on acquisition for the Drake platform since it was launched by Huron Capital in 2016. LBC served as Agent and Sole Lead Arranger for the senior secured credit facilities.
ADD is a designer, manufacturer, and distributor of accessories for the off-road aftermarket. Products include suspension kits, bumpers and other accessories for a wide range of truck models. ADD was founded in 2007 and operates from an 80,000 square foot facility in Mesa, Arizona.
Headquartered in Nevada, Drake is an automotive aftermarket parts brand serving the classic car, off-road, and late model muscle car categories.
Huron Capital is an operationally-focused private equity firm that makes control and non-control investments in companies with revenues of $20 million to $200 million and EBITDAs of $5 million or more. Sectors of interest include business services, consumer goods and services, and specialty industrials. Founded in 1999, Detroit-based Huron Capital has raised over $1.8 billion in capital through six private equity funds and invested in over 150 companies.
About LBC Credit Partners
LBC Credit Partners is a leading provider of middle market financing solutions including senior term, unitranche, second lien, junior secured and mezzanine debt and equity co-investments supporting sponsored and non-sponsored transactions. With over $3 billion* of capital commitments, LBC has made investments in companies located throughout North America across a wide range of industries and is committed to a long-term approach to debt investing. LBC is headquartered in the Philadelphia area, with offices in Chicago, New York and Los Angeles. To learn more, visit www.lbccredit.com.
*Information as of December 31, 2018