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Citizens Leads $150MM Upsized Senior Credit Facility for Parts Town

November 18, 2021, 07:48 AM
Filed Under: Distribution
Related: Citizens Bank

Citizens served as Sole Lead Arranger for Addison, Ill.-based Parts Town’s upsized $150 million asset-based revolving credit facility.
Founded in 1987, Parts Town is a technology-enabled distributor of genuine original equipment manufacturer parts for the food service industry, both in the U.S. and internationally.
The financing also included a $1.52 billion unitranche debt facility from Golub Capital.
Proceeds from the transaction will be used to refinance existing debt, support a minority equity investment from Leonard Green & Partners L.P., fund a tuck-in acquisition, and provide working capital liquidity going forward.
On November 3, Parts Town announced Leonard Green had made a significant investment in the company. Going forward, current investor Berkshire Partners will retain its majority stake in the company, reinvesting alongside the Parts Town management team and Leonard Green.

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