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Prospect Capital Provides Over $40MM in Crosman Recap, PrimeSport Acquisition

January 09, 2014, 07:04 AM
Filed Under: Specialty Industries

Prospect Capital Corporation in December 2013, the firm provided $40 million of senior secured floating rate debt to support the recapitalization of Crosman Corporation ("Crosman") by Wellspring Capital Partners, a leading investment firm focused on middle-market companies.

Headquartered in East Bloomfield, New York, Crosman is the leading designer, manufacturer, and marketer of airguns, airsoft guns, and related accessories. Crosman has a longstanding presence in airgun design and a proud tradition of producing high quality pellet and BB air rifles and pistols. Crosman is also one of the world's leading producers of airsoft guns, multiple varieties of airgun and airsoft ammunition, and CO2 powerlets.

Prospect also announced in December 2013 it provided a senior secured floating rate loan facility to support the acquisition of PrimeSport, Inc. (“PrimeSport”) by investment funds managed by Clearlake Capital Group, L.P. (“Clearlake”), a leading private investment firm focused on special situations and private equity investments.

PrimeSport is a leading global sports, travel, and event management company that offers tickets, corporate and fan travel packages, and hospitality events for corporations, professional sports teams, and fans. For over 20 years, the PrimeSport management team has developed trusted, long-term official partnerships with sports teams and events that give PrimeSport's customers access to the most sought after sporting events, including the NCAA Final Four, BCS National Championship, Super Bowl, Daytona 500, and many other events.

“Clearlake selected Prospect over multiple lenders based on Prospect's creative and flexible financing structure designed to support PrimeSport's growth strategy,” said Behdad Eghbali, a founding partner of Clearlake.

“Prospect is excited to complete this inaugural transaction with Clearlake,” said Jason Wilson, a Managing Director of Prospect Capital Management LLC. “We pulled out all the stops to support Clearlake's acquisition of PrimeSport, a company with a compelling value proposition for professional and collegiate sports leagues, teams, and fans involved in some of the biggest sporting events in the world.”

Prospect closed approximately $2.7 billion of new originations to date during calendar year 2013.

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