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NXT Capital Provides Unitranche Credit Facility to Support L Squared Capital Partners’ Acquisition of Crane 1

August 19, 2021, 08:00 AM
Filed Under: Cranes

NXT Capital closed a $95 million unitranche credit facility in support of L Squared Capital Partners’ acquisition of Crane 1. NXT Capital acted as the Administrative Agent, Sole Lead Arranger and Sole Bookrunner on this transaction.

Crane 1 is one of the largest providers of overhead crane MRO services and equipment in the United States. Headquartered in Miamisburg, OH, with operations in 15 states and a technician base of over 220, Crane 1’s services and products maximize safety, diminish liability, reduce maintenance costs, and increase overall productivity. The Company offers a full suite of services, including OSHA mandated inspections, maintenance, repair, design and installation of overhead crane systems and below-the-hook lifting devices.  

“We are very pleased to partner with NXT Capital on another transaction,” said Sean Barrette, Partner, L Squared Capital Partners. “NXT was fast and flexible in addressing all of our needs.”

L Squared Capital Partners is an investment firm headquartered in Newport Beach, CA that seeks to make long-term investments in leading growth companies that operate in targeted sectors: Education Technology, Tech-Enabled Services & Software, and Industrial Technology & Services.  The principals of L Squared have worked together for over a decade and have over 80 years of combined experience investing in growing private companies. The Crane 1 investment represents L Squared’s second platform investment in Fund III, a $505 million fund that closed in September 2020.

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