Silver Point Capital’s Direct Lending business has provided a $130 million financing facility supporting The Riverside Company’s acquisition of Hoover Circular Solutions, a provider of packaging, fleet management and logistics services.
Silver Point served as the sole lender for the facility. The financing supports Riverside’s investment in a business serving refining, chemical, energy and industrial customers globally.
Headquartered in Houston, Hoover CS operates a mixed rental fleet of specialized assets across North America, Europe, the Middle East and Asia-Pacific. Its services combine packaging equipment with fleet management and logistics support for customers handling industrial materials.
The company’s Catalyst Packaging business provides closed-loop logistics for fresh and spent catalysts used in refineries. Its Chemical Packaging business supplies intermediate bulk containers and intermodal ISO tanks for specialty and hazardous chemicals.
These operations support material handling and transportation requirements across refining and chemical applications. Silver Point cited Hoover CS’s longstanding customer relationships and the role its services play in customers’ operations as factors underlying the financing.
Riverside focuses on businesses at the smaller end of the middle market through private equity and flexible capital strategies. Since its founding in 1988, the firm has completed more than 1,100 investments. Its international portfolios include more than 140 companies.
Founded in 2002, Silver Point oversees more than $52 billion in investable assets across public and private credit strategies and employs more than 400 people.
Its Direct Lending business manages more than $18 billion in investable assets and finances both private equity-backed and sponsorless borrowers. Its mandate covers acquisitions, refinancings and growth capital, among other transactions.
The Hoover CS facility adds to that acquisition financing activity, with Silver Point providing a customized lending solution intended to support operating improvements and growth under Riverside’s ownership.
KEY QUOTE:
“Hoover CS has built a differentiated platform with long-standing customer relationships and solutions serving critical needs for refining and chemical customers. We are pleased to partner with The Riverside Company and provide a customized financing solution to support Hoover CS as it strengthens operations and accelerates growth.”
Anthony DiNello, Head Of Direct Lending At Silver Point Capital
