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Prospect Capital Provides $17.5MM Debt Facility to Easy Gardener

October 05, 2015, 07:49 AM
Filed Under: Distribution

Prospect Capital Corporation it has provided $17.5 million of first lien senior secured floating rate debt to support the recapitalization of Easy Gardener Products, Inc., a portfolio company of Centre Lane Partners, LLC.

Founded in 1983 and headquartered in Waco, TX, Easy Gardener distributes over 1,000 SKUs through a network of over 50 lawn and garden retailers in North America. The company distributes a wide array of products in the landscape fabric, fertilizer, chemical-free weed control, and consumer shade categories. Easy Gardener’s portfolio of brands, including Easy Gardener, Jobe’s, Weedblock, Landmaster, Sunscreen, and Ross, is well recognized in the Lawn & Garden industry.

“We are excited to team up with Prospect on our third transaction together,” said Nathan Richey, a Managing Director of Centre Lane. “Prospect’s speed and agility in execution, together with its understanding of the consumer products industry, were integral to the success of this recapitalization.”

“We are pleased with Easy Gardener’s leading market position and strong customer relationships,” said Richard Carratu, a Managing Director of Prospect Capital Management L.P. “We welcome the opportunity to support Centre Lane and the Easy Gardener management team as they continue to grow the business.” (Original Source)

Prospect Capital Corporation is a closed-end investment company. It invests in senior and subordinated debt and equity of companies in need of capital for acquisitions, divestitures, growth, development, recapitalizations and other purposes.

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