FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


LBC Small Cap Supports the Acquisition of Auchinachie

November 11, 2019, 08:50 AM
Filed Under: Mergers & Acquisitions
Related: LBC Small Cap

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").

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).

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

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 between $4 million and $14 million per transaction to support funded sponsors, independent sponsors, and family-owned businesses across a broad array of industries.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.