Industrial

On August 22, 2023, KeyBanc Capital Markets (KBCM) successfully closed the syndication of $130 million Senior Secured Credit Facilities for Michael Baker International, LLC ("Michael Baker" or the "Company"), a portfolio company of DC Capital Partners (DC Capital). The facilities are comprised of a $20 million Incremental ABL Revolving Credit Facility and a $110 million Incremental First Lien Term Loan.

KBCM served as Joint Lead Arranger and Joint Bookrunner on the transaction. Proceeds were utilized to finance the acquisition of Tidal Basin, LLC (Tidal Basin), fund working capital, and to pay transaction-related fees and expenses.

Headquartered in Pittsburgh, PA, Michael Baker is a leading provider of engineering and consulting services and has been solving some of the world’s most complex infrastructure challenges for 80+ years with a legacy of expertise, experience, innovation and integrity. The Company’s services include design, planning, architectural, environmental, and program management. Michael Baker’s clients include U.S. federal, state, and municipal governments, as well as large corporations.

Tidal Basin is a leading emergency and disaster management consulting firm providing comprehensive solutions to public and private sector clients to prepare for, respond to, recover from, and mitigate threats from natural or human-made disasters.

Founded in 2007, DC Capital Partners is a middle-market private equity firm with offices located in Alexandria, VA and West Palm, FL. DC Capital makes control equity investments in middle-market companies that provide differentiated and innovative services and solutions in the government and engineering markets.

On August 22, 2023, KeyBanc Capital Markets (KBCM) successfully closed the syndication of $130 million Senior Secured Credit Facilities for Michael Baker International, LLC ("Michael Baker" or the "Company"), a portfolio company of DC Capital Partners (DC Capital). The facilities are comprised of a $20 million Incremental ABL Revolving Credit Facility and a $110 million Incremental First Lien Term Loan.

KBCM served as Joint Lead Arranger and Joint Bookrunner on the transaction. Proceeds were utilized to finance the acquisition of Tidal Basin, LLC (Tidal Basin), fund working capital, and to pay transaction-related fees and expenses.

Headquartered in Pittsburgh, PA, Michael Baker is a leading provider of engineering and consulting services and has been solving some of the world’s most complex infrastructure challenges for 80+ years with a legacy of expertise, experience, innovation and integrity. The Company’s services include design, planning, architectural, environmental, and program management. Michael Baker’s clients include U.S. federal, state, and municipal governments, as well as large corporations.

Tidal Basin is a leading emergency and disaster management consulting firm providing comprehensive solutions to public and private sector clients to prepare for, respond to, recover from, and mitigate threats from natural or human-made disasters.

Founded in 2007, DC Capital Partners is a middle-market private equity firm with offices located in Alexandria, VA and West Palm, FL. DC Capital makes control equity investments in middle-market companies that provide differentiated and innovative services and solutions in the government and engineering markets.

On August 15, 2023, KeyBanc Capital Markets® (KBCM) successfully advised the shareholders of East Manufacturing Corporation on the sale of their interests in the operating business and its affiliated real estate company (collectively “East” or the “Company”) to Fruehauf North America, S.A. de C.V. (Fruehauf), a subsidiary of Fultra, S.A.P.I. de C.V. (Fultra).

KBCM was selected to serve as East’s Exclusive Sell-Side Advisor based on its proven M&A execution capabilities and unique insight into the specialty trailer and related transportation markets.

East is a leading manufacturer of premium, heavy-duty aluminum trailers used across diverse industrial and other trade applications. Regarded by many as the leading brand in the domestic market, the Company maintains a comprehensive portfolio of customizable flatbed, dump and refuse trailers primarily sold through a network of more than 90 dealer locations in the U.S. and Canada. East operates a 460,000-square-foot manufacturing facility located on over 100 acres in Randolph, Ohio.

Founded in 2012, Fultra operates a portfolio of transportation-focused companies in the U.S. and Mexico comprised of four business units: Fruehauf, Amparts, Sierra Norte, and Idealease. Fruehauf, Fultra’s trailer manufacturing division, is one of Mexico’s leading producers of dry van and specialty trailers. Fruehauf reentered the U.S. market in 2022 after a 25-year hiatus, opening its new American production facility in Bowling Green, Kentucky. Fultra is headquartered in Guadalupe, Mexico, with more than 2,000 employees across its business units.

On June 30, 2023, KeyBanc Capital Markets (KBCM) successfully advised Dealer Solutions & Design, LLC (DSD or the Company), a portfolio company of KT Capital, on its sale to Safe-Guard Products International, LLC (Safe-Guard), a portfolio company of Stone Point Capital (Stone Point). KBCM served as DSD’s Sell-Side Advisor based on its industry-leading Industrial & Business Services practice and proven M&A execution capabilities.

DSD, headquartered in Duluth, GA, is a nationwide industry leader in engineering, procurement and project management for automotive service centers. Since its inception, the Company has earned its reputation as the partner of choice based on its long-tenured relationships with highly sought-after automotive groups and “concept to completion” approach.

KT Capital is a Georgia-based private equity investment firm that has completed over 130 acquisitions. Since inception in 2006, KT Capital has partnered with talented management teams to accomplish shared growth objectives.

Headquartered in Atlanta, GA, Safe-Guard provides finance and insurance solutions for the motor vehicle industry in the U.S. and Canada. Safe-Guard supports over 12,000 motor vehicle dealers daily and administers over five million contracts annually.

Stone Point is a leading private equity firm with offices in Connecticut, New York and Florida. Stone Point has raised over $35 billion in aggregate capital commitments to invest in more than 145 companies across ten active verticals.

On April 28, 2023, KeyBanc Capital Markets (KBCM) successfully closed the syndication of an undisclosed amount of Senior Secured Credit Facilities (Credit Facilities), consisting of an Incremental Revolving Credit Facility, a Non-fungible Incremental Term Loan, and a Delayed Draw Term Loan for ImageFirst Healthcare Laundry Specialists, LLC (ImageFirst or the Company), a portfolio company of Calera Capital (Calera). Proceeds from the Credit Facilities will be used to partially refinance the Company’s existing indebtedness, finance two add-on acquisitions under LOI, and add cash to the balance sheet. KBCM served as Joint Lead Arranger and Joint Bookrunner on the transaction.

ImageFirst is a leading provider of outsourced laundry and textile rental services with a focus on outpatient and specialty healthcare in the U.S., with 54 locations across 26 states serving over 10,000 customers. The Company typically services its customers on a weekly basis, providing a mission critical offering as customers typically cannot generate revenue without clean linens and other laundry products.

Founded in 1991, Calera Capital is a private equity-investment firm based in San Francisco, California, and Boston, Massachusetts, that has invested over $4 billion of equity into leading middle market companies. Calera invests in market leading businesses with strong fundamentals and where there are opportunities to build value through the implementation of operating and strategic business initiatives. Calera has significant experience and a successful track record of investment in commercial services, healthcare services, and other businesses with similar attributes to ImageFirst.

On April 24, 2023, KeyBanc Capital Markets (KBCM) successfully closed on a $27.5 million Senior Secured Revolving Credit Facility (the Revolver) and $250 million of Senior Secured Notes (the Notes) for Conuma Resources Limited (Conuma or the Company). Proceeds from the transaction will be used to refinance existing indebtedness, support ongoing working capital needs, and fund capital expenditures. KBCM acted as Left Lead Arranger, Sole Bookrunner, Sole Syndication Agent, and Administrative Agent on the Revolver, and Joint Bookrunner on the Notes.

Conuma is a North American producer and exporter of premium steel making coal from the Peace River Coalfield in British Columbia, Canada. Since the Company was founded in late 2016 and restarted mining operations at three surface mines, Conuma has rapidly expanded its production of premium mid-vol hard coking coal and ultra low-vol PCI. The Company’s mines are strategically located near key rail and port infrastructure, offering a significant competitive advantage throughout the Seaborne market when compared to other producers in Western Canada and the remainder of North America.

On April 14, 2023, KeyBanc Capital Markets (KBCM) successfully closed the syndication of $750 million of Senior Guaranteed Notes (the Notes) for Cleveland-Cliffs Inc. (Cleveland-Cliffs or the Company). The Company intends to use the net proceeds from the Notes to repay a portion of the borrowings under its existing asset-based revolving credit facility. KBCM acted as Co-Manager on the transaction.

Cleveland-Cliffs is the largest flat-rolled steel producer and the largest manufacturer of iron ore pellets in North America. The Company is vertically integrated from mined raw materials, direct reduced iron, and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling and tubing. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 27,000 people across operations in the United States and Canada.

On March 23, 2023, KeyBanc Capital Markets (KBCM) successfully closed on the syndication of $1.1 billion of Senior Secured Credit Facilities (the Facilities) for U.S. Silica Company (U.S. Silica or the Company). The Facilities consist of a $150 million Revolving Credit Facility and a $950 million Term Loan B Facility. Proceeds from the Facilities will be used to refinance existing indebtedness, pay transaction-related fees and expenses, finance working capital and for general corporate purposes. KBCM acted as Joint Lead Arranger and Joint Bookrunner on the transaction.

Founded in 1894 and headquartered in Katy, TX, U.S. Silica is a diversified global performance materials company and a leading producer of high-value minerals and specialty products used in a variety of industrial applications, with 120+ years of experience mining and processing industrial minerals. The Company employs a differentiated, balanced business model to serve a range of attractive end-markets through two complementary business segments: (i) Industrial Specialty Products, which offers a wide selection of high-purity silica products, industrial minerals and advanced materials to building product, chemical and industrial end-markets, and (ii) Oil & Gas Recovery, which provides proppants and last-mile logistics to the onshore U.S. oil and gas industry.

On January 25, 2023, KeyBanc Capital Markets (KBCM) successfully closed on the syndication of an undisclosed amount of Senior Secured Credit Facilities (the Credit Facilities) for ATCDT Corp. (ATC Drivetrain, ATC, or the Company), a portfolio company of Crestview Partners (Crestview). The Credit Facilities consist of a Revolving Credit Facility and a Senior Secured Term Loan. Proceeds from the transaction will be used to refinance existing indebtedness, fund working capital and for general corporate purposes. KBCM was selected to serve as Joint Lead Arranger & Joint Bookrunner due to our Industrial investment banking capabilities and our continued relationship with Crestview.

Headquartered in Farmington Hills, Michigan, and founded in the 1930s, ATC is a leading global independent remanufacturer of transmissions, engines, HV batteries, electric drives, EV components, and other driveline and powertrain components for light duty vehicles, commercial trucks and off-highway vehicles. The Company operates in North America, Europe and Asia across seven manufacturing facilities, two dedicated warehouses, and has over 1,200 employees.

Founded in 2004, Crestview Partners is a leading private equity firm focused on forming long-term partnerships with talented and motivated entrepreneurs, executives, colleagues, and investors to achieve a common goal. With over $10 billion in committed capital and 53 realized/current platform investments, Crestview has a proven expertise with media/telecom, industrial, and financial services investments.

On January 10, 2023, KeyBanc Capital Markets (KBCM) successfully advised HASA, Inc. (HASA or the Company), a portfolio company of GHK Capital Partners (GHK), on its sale to Wind Point Partners (WPP). KBCM was selected to serve as Exclusive Sell-Side Advisor based on its industry-leading specialty distribution and chemicals investment banking practices, deep industry expertise, relevant transaction experience and track record of successful M&A execution.

HASA is a leading producer and distributor of high-quality water treatment solutions. Founded in 1964, the company is recognized industry-wide as the premier source for sodium hypochlorite sanitization and shock solutions for the pool and industrial/municipal markets. HASA is headquartered in Saugus, California, and has 11 facilities throughout the Western United States.

Founded in 2018, GHK is a leading middle market private equity firm focused on making control investments in industrial companies across North America. GHK targets well-performing, defensible businesses and partners with exceptional management teams to accelerate earnings growth and maximize equity value.

Wind Point Partners is a Chicago-based private equity investment firm with approximately $5 billion in assets under management. Wind Point focuses on partnering with top caliber management teams to acquire well-positioned middle market businesses where it can establish a clear path to value creation. The firm targets investments in the consumer products, industrial products and business services sectors.

On December 23, 2022, KeyBanc Capital Markets (KBCM) successfully closed on the syndication of an undisclosed amount of Senior Secured Credit Facilities (the Credit Facilities), consisting of a Senior Secured Revolving Credit Facility and a Term Loan A Facility for Forged Solutions Global Holdings, Inc. (FSG or the Company). Proceeds from the new Credit Facilities will be used to acquire Steel Industries, Inc. (Steel Industries), refinance the Company’s existing indebtedness, and support ongoing working capital. KBCM acted as Joint Lead Arranger and Joint Bookrunner on the transaction.

FSG, founded in 1919 and headquartered in Matlock, United Kingdom, is a leading manufacturer of forged components for aerospace and energy production. The Company provides shafts, rings, discs, asymmetric forgings, and extruded cylinders in titanium, nickel, and steel alloys, while serving aerospace, defense, mining, highway, oil and gas, and energy markets.

Steel Industries, founded in 1913 and headquartered in Redford, MI, manufactures forged products for aerospace, power generation, oil and gas, transportation, and industrial markets. The products include open die forgings, rolled rings, sleeves, bars, discs, spindles, hubs, blocks, and plates.

Founded in 1999 and headquartered in Washington, DC, Arlington Capital Partners is a private equity firm focused on the Aerospace & Defense, Technology, Business Services, and Healthcare sectors.

On December 16, 2022, KeyBanc Capital Markets (KBCM) successfully closed the syndication of an undisclosed amount of Senior Secured Credit Facilities (the Facilities) for Full Circle Fiber Operating LLC (Full Circle Fiber or the Company), a portfolio company of Mill Point Capital. The Facilities are comprised of a Super-Priority Revolving Credit Facility and a Senior Secured Term Loan Facility. Proceeds from the Facilities will be used to refinance existing indebtedness, support ongoing working capital needs, and pay transaction related fees and expenses. KBCM served as Joint Lead Arranger and Joint Bookrunner on the transaction.

Full Circle Fiber is a full-service communications infrastructure services provider, focused on engineering, system buildout, installation, maintenance and repair in connection with the deployment, expansion, and upgrade of new and existing infrastructure. The Company (formerly known as Knight Broadband) was acquired by Mill Point Capital in April 2020 and became the platform investment for Full Circle Fiber and several subsequent acquisitions.

Mill Point Capital is a New York-based middle market private equity firm. The company targets control investments in the middle market, with a focus on industrial and business services companies in North America.