NXT Capital has closed a senior credit facility supporting Pfingsten Partners’ acquisition of Runyon Surface Prep, a distributor of equipment and consumables used in concrete surface preparation, polishing and resinous flooring applications.
The Chicago-based lender served as sole lead arranger, sole bookrunner and administrative agent for the financing. The transaction adds to NXT Capital’s direct lending activity supporting U.S. businesses and private equity acquisitions.
Runyon Surface Prep is headquartered in Carmel, Indiana, and operates four additional facilities in California and New Jersey. Its offering combines equipment and consumables with aftermarket parts, service and rental capabilities, giving customers access to products and ongoing support for surface preparation and flooring work.
Pfingsten is an operationally focused private equity firm established in 1989. Since completing its first investment in 1991, the firm has raised six investment funds with approximately $1.8 billion in total commitments and acquired 180 manufacturing, distribution and business services companies.
Its investment approach emphasizes operational improvements, professional management practices, global capabilities and profitable growth. Runyon’s distribution and service operations place the acquisition within the types of businesses Pfingsten has historically targeted.
NXT Capital provides structured financing through its Direct Lending group, focusing on U.S. borrowers with earnings before interest, taxes, depreciation and amortization of between $5 million and $50 million.
Since its inception in 2010, NXT Capital’s Direct Lending team has completed more than $27 billion in loan commitments across more than 540 platform transactions. The company is a wholly owned subsidiary of ORIX Corporation USA and maintains offices in Chicago, Dallas and New York.
Pfingsten credited NXT Capital’s support and collaborative approach with helping complete the Runyon transaction.
KEY QUOTE:
“NXT Capital’s expertise and support were instrumental in the successful closing of this transaction. We appreciate their commitment and collaborative approach in supporting our acquisition of Runyon Surface Prep and look forward to working together again in the future.”
Ryan Lavelle, Principal At Pfingsten Partners
