NXT Capital announced that it has upsized the senior credit facility for Material Handling Services to $175 million to support the add-on acquisition of National Glass & Gate Service, Inc. Material Handling Services is a portfolio company of CI Capital Partners.
NXT Capital acted as the Joint Lead Arranger, Administrative Agent and Joint Bookrunner for this transaction.
“We are pleased to work with the NXT Capital team again,” said Tim Hall, Managing Director, CI Capital Partners. “NXT brought flexibility and substantial growth capital to the Material Handling Services financing to help the company achieve its strategic objectives.”
Material Handling Services is the largest provider of brand-independent fleet management and asset management services to Fortune 2000 retail, manufacturing, distribution, healthcare and hospitality companies. Based in Perrysburg, Ohio, the company primarily delivers its services via two business units, Miner and Total Fleet Solutions. Miner provides outsourced facility services including equipment installation, repairs and asset management solutions to reduce customer costs and improve uptime. Total Fleet Solutions is a brand independent provider of turnkey fleet management services for Fortune 1000 companies and large manufacturing & distribution companies throughout North America.
CI Capital Partners is a leading North American private equity firm with $1.9 billion in assets under management, which has been investing in middle-market companies since 1993. Since inception, CI Capital and its portfolio companies have made over 190 acquisitions representing approximately $8 billion in enterprise value. CI Capital’s existing portfolio consists of companies that collectively generate annual revenue of over $2.5 billion and annual EBITDA of approximately $300 million and employ over 9,000 people.
NXT Capital provides structured financing solutions through its Corporate Finance and Real Estate Finance groups and is based in Chicago with offices in Atlanta, Dallas, Los Angeles, Nashville, New York, Phoenix and San Francisco.