LBC Small Cap Provides Senior Secured Term Loan and Equity Co-Investment to Support the Acquisition of Auchinachie

Nov 12, 2019
Small Cap deal announcements

RADNOR, PA, November 12, 2019 – LBC Small Cap, an affiliate of LBC Credit Partners, provided a senior secured term loan and equity co-investment to support the acquisition of Auchinachie by Astar Heating & Air (“Astar”), a portfolio company of Dubin Clark & Company (“Dubin Clark”).

LBC Small Cap served as Documentation Agent for the senior secured term loan and equity co-investment.

Founded in 1906 and headquartered in Binghamton, New York, Auchinachie is a fourth-generation family business that provides plumbing, heating, air conditioning, water treatment, and air purification to single family homes. They primarily serve the Binghamton and surrounding upstate New York areas in central New York and the southern tier including Norwich, Owego, Johnson City, Cortland and Oneonta.

Astar is a leading provider of HVAC replacement, maintenance, and plumbing solutions to residential homeowners throughout the lower Hudson Valley region of New York. Astar was founded in 1976 and is headquartered in Middletown, New York.

“We are very excited to provide financing to Astar and partner with the sophisticated professionals at Dubin Clark in building a world-class company in the HVAC space,” said Don Rice, Partner at LBC Small Cap.

Founded in 1984 and headquartered in Boston, Massachusetts, Dubin Clark has consistently partnered with outstanding management teams in building world-class businesses. They are dedicated to creating value by helping its companies grow through a coordinated approach that includes providing the capital necessary to support internal growth, completing add-on acquisitions to build market share, and helping to develop new strategies for the future while protecting the independence, culture, and values that made the company successful in the first place. Dubin Clark seeks control equity investments in business services, niche manufacturing, and specialty rental business with earnings before interest, taxes, depreciation, and amortization (EBITDA) of $2 million to $10 million (smaller for add-on investments).

About LBC Small Cap

LBC Small Cap is focused on originating, executing and managing senior secured, unitranche, junior debt, structured equity and equity co-investments in U.S.-based lower middle market companies with EBITDA between $2 - $5 million. The LBC Small Cap team looks to deploy capital to support funded sponsors, independent sponsors, and family-owned businesses across a broad array of industries.

About LBC Credit Partners

LBC Credit Partners provides middle market and small-cap financing solutions supporting sponsored and non-sponsored transactions throughout the U.S. across a broad range of industries. With over $3 billion of capital commitments, we have provided in excess of $6.4 billion to over 229 issuers throughout our 14-year history. * LBC is headquartered in the Philadelphia area and has offices in Atlanta, Chicago, Los Angeles and New York. To learn more, visit *Information as of July 2, 2019.

The Small Cap strategy, as well as any funds and investments related thereto, is managed by a licensed fund manager in the SBIC Program under the U.S. Small Business Administration, LBC Small Cap Management, L.P., which while owned by certain senior executives of LBC Credit Management, L.P. (“LBC Credit”), is separate and distinct from LBC Credit. For additional information, please contact [email protected]. With respect to LBC Credit Partners VI Feeder LP that are offered in Japan, LBC Credit Funding VI LP will provide to any member of the Japanese public a copy of such documents as are required to be made publicly available pursuant to Article 63 of the Financial Instruments and Exchange Act of Japan. Please contact [email protected] to request such documents.