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


Crown Partners Arranges $75MM Senior Debt Facility for HOP Energy

January 05, 2023, 08:00 AM
Filed Under: HVAC

Crown Partners announced that HOP Energy, LLC, (“HOP”), a portfolio company of Delos Capital, has closed on a $75 million senior debt facility. Crown Partners served as exclusive financial advisor to HOP in connection with this transaction.
Headquartered in White Plains, NY, HOP is a market-leading home services provider, delivering heating distillates and performing installation and services of HVAC, heat pumps and other critical home systems.  HOP serves 90,000 customers across 9 states from a strategically located asset base, which includes 11 storage facilities, 21 branch locations and two call centers.  The Company is one of the largest distributors, installers and service providers for Mitsubishi mini-split HVAC and heat pump systems in the United States.

The Company has pursued a strategy of active consolidation, serving as the acquiror of choice to numerous fuel distributors in its market, while also greatly expanding its services and installation revenue organically and via acquisition. The new credit facility, which closed on December 21, 2022, provides the Company with increased capital to support its continued growth.

“We congratulate the full team at HOP for their successful outcome and wish them all the best in continuing to grow their franchise throughout the Northeast and Mid Atlantic.  HOP’s successful execution in the debt market demonstrates that there remains extremely strong demand among senior financing sources to provide asset based facilities to well managed middle market companies. At a time when liquidity and financial flexibility is at a premium, we are seeing increasing demand among middle market sponsors to maximize their working capital availability. Crown’s significant expertise in this area and our relentless pursuit of our client’s objectives allows us to continue to deliver high impact solutions," said Mark Seigel and Evan Nadler, Crown Partners.

“The team at Crown did a fantastic job in helping the Company navigate an efficient process for a complex ABL on an extremely short timeline, which resulted in a financing solution for the Company that exceeded our expectations. We are pleased to have new partners and additional capital to support our aggressive plans to grow the Company in the coming years,” said Will DeBruyn, Delos Capital.

Since its launch in 2020, Crown Partners has established itself as a premiere advisor serving middle market companies seeking an asset-based lending solution. The firm’s specialization within asset-based lending honed over several decades focused on the niche as investor, operator, and capital markets advisor, provides it with unparalleled understanding and execution on behalf of its clients. Crown Partners serves private equity firms and entrepreneurial founders seeking to optimize their capital structure, liquidity and financial flexibility.

Week's News

Comments From Our Members

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