LBC Small Cap Supports Susquehanna Private Capital’s Acquisition of Mosquito Authority

Oct 27, 2020
Small Cap deal announcements

RADNOR, PA, October 27, 2020 – LBC Small Cap, an affiliate of LBC Credit Partners, provided a senior secured credit facility and equity co-investment to support Susquehanna Private Capital, LLC’s (“SPC”) acquisition of Authority Franchise Systems, LLC (“Mosquito Authority” or the “Company”).

LBC served as Agent and Sole Lead Arranger for the senior secured credit facility.

North Carolina-based Mosquito Authority is a franchisor of mosquito, pest, and tick control services throughout the United States, Puerto Rico, and Canada. Mosquito Authority was founded in 2002 and has grown to over 150 franchises. The Company also owns and operates Pest Authority, which provides commercial and residential services for ticks, bed bugs and termites.

“We are excited to partner with SPC and Mosquito Authority on this investment,” said Don Rice, Partner at LBC Small Cap. “Mosquito Authority is a compelling franchise concept providing essential home services with significant runway for potential growth.”

SPC, funded by the founders of Susquehanna International Group, LLP – one of the world’s largest privately-held financial services firms – was founded in 2016. With a flexible capital structure, SPC empowers founders, entrepreneurs, and operators to build businesses with enduring value. SPC targets U.S. companies in the business, consumer and franchise services, healthcare services, and industrial technology sectors with $3 million to $15 million in EBITDA.

LBC Small Cap partnered with Modern Bank to provide the senior secured credit facility to Mosquito Authority.

Modern Bank provides cash flow based senior debt and unitranche financing to private equity, independent sponsor and entrepreneur backed companies across the lower and middle markets. They have a strong track record of delivering tailored solutions to support buyouts/acquisitions, recapitalizations, refinancing and growth capital to companies across a diverse set of sectors including manufacturing, distribution, business services, logistics, and healthcare services.

Modern Bank, N.A. is an FDIC insured Bank and an Equal Housing Lender.

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. 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 $7 billion to over 246 issuers throughout our 16-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 June 30, 2020.

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.