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Tiger Rentals Closes $135 Million Financing With JPMorgan, Others

October 03, 2016, 07:56 AM
Filed Under: Rental

Tiger Rental Group, LLC (together with its affiliated companies, “Tiger Rentals” or the “Company”) has closed on $ 135 million in financing, consisting of a $ 110 million senior first lien term loan with Orion Energy Partners, L.P. (together with its affiliated funds, “Orion Energy”) and a $ 25 million working capital revolving credit facility with JPMorgan Chase Bank, N.A.

Tiger Rentals is a global leader in providing equipment rental and safety services to the energy industry.  The company serves a highly diversified customer base including major oil companies, refiners and petrochemical companies, and energy services companies. Tiger is a wholly owned subsidiary of The Modern Group, Ltd (together with its affiliated companies, “The Modern Group”).

“Tiger Rentals is pleased to partner with Orion Energy and J.P. Morgan to put in place a capital structure that will allow us to expand our global industry leadership in energy-related equipment rental and services,” said Colby Crenshaw, President of Tiger Rentals.  “Tiger is now optimally positioned to service our customers and grow the business in any energy market environment.”

“Orion Energy is thrilled to announce a partnership with Tiger Rentals and The Modern Group. Tiger has thrived throughout various market and commodity price environments and its products and services are critical to companies across the energy value chain. This transaction will allow Tiger to take advantage of a variety of opportunities to continue to grow and evolve the business,” said Rob Rusk, Co-Founder and Partner of Orion Energy.

“This investment, our first, is a great example of Orion Energy’s approach of combining energy industry knowledge and creative capital to partner with an industry leader,” said Nazar Massouh, CEO of Orion Energy.

J.P. Morgan acted as exclusive placement agent to Tiger Rentals in connection with the term loan from Orion Energy and Kirkland & Ellis LLP acted as legal advisor to Tiger Rentals. Latham & Watkins LLP acted as legal advisor to Orion Energy.

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