CVC Marathon has led a $175 million acquisition financing package to support Jack Doheny Companies’ purchase of Vacuum Truck Rentals, a deal that creates a newly combined business called Rentix Solutions. The financing, alongside new bank debt and sponsor equity from Kinderhook Industries and the VTR owners, funds the transaction and provides the new platform with flexibility to execute its growth plan.
Rentix now operates a fleet of more than 3,200 pieces of highly specialized infrastructure equipment across a national footprint. Its non‑cyclical, mission‑critical fleet is used for sewer maintenance and inspection, electric transmission and distribution repair and maintenance, and industrial plant upkeep—applications that underpin essential utilities and industrial operations.
CVC Marathon structured a secured loan with a five‑year maturity as part of the tailored capital solution for Rentix. The firm worked closely with Kinderhook and VTR’s owners, Payton Lockey and B.T. Steadman, to design a financing package that aligns with long‑term ownership and provides room for future capital if needed. CVC Marathon highlighted the quality of Rentix’s fleet and the strength of the management team as key factors behind the deal.
The transaction illustrates CVC Marathon’s opportunistic credit strategy, which focuses on bespoke capital solutions for growing businesses, including acquisition financings, growth capital, turnarounds, and refinancings. Formerly known as Marathon Asset Management and now a wholly owned subsidiary of CVC Capital Partners, CVC Marathon manages about $24 billion across direct lending, asset‑based lending, opportunistic credit, and multi‑asset public credit strategies.
KEY QUOTE:
“We are pleased to partner with Rentix and the ownership team to provide a bespoke capital solution to the nation’s leading provider of mission-critical, highly-specialized equipment for critical applications in the sewer maintenance and inspection, electric transmission and distribution and industrial end markets. We take great comfort in the quality of Rentix’s highly specialized fleet, which when combined with Kinderhook and Management’s vision for the next phases of growth for the business, creates an opportunity for us to lend against high-quality assets while backing a best-in-class management team.”
Randy Raisman, Head of U.S. Opportunistic Credit, CVC Marathon
