Prospect Capital – PSEC – To Support Acquisition of Total Fleet Solutions
Prospect Capital Corporation (NASDAQ: PSEC) announced that Prospect has provided a $28 million senior secured loan to support the acquisition of Material Handling Services, LLC, d/b/a Total Fleet Solutions, a provider of outsourced business services focused on the procurement and fleet management of forklifts and other material handling equipment, by funds managed by CI Capital Partners LLC.
Based in Holland, Ohio, TFS is the largest provider of brand-independent fleet management services to Fortune 1000 companies. TFS provides a unique turnkey approach to MHE fleet management and procurement that allows customers to optimize their MHE fleet and achieve a lower cost of ownership.
“Prospect’s breadth and responsiveness have supported our need for a single lender financing solution for TFS, and we look forward to future business with Prospect,” said Timothy T. Hall, a Managing Director of CI Capital.
“Prospect is pleased to provide financing to support the growth and recapitalization of this industry-leading company,” said David Moszer, a Managing Director of Prospect Capital Management.
PSEC has closed nearly $800 million of originations to date in the current 2012 calendar year. PSEC ‘s advanced investment pipeline aggregates approximately $500 million of potential opportunities.
About Prospect Capital Corporation – PSEC
Prospect Capital Corporation (PSEC) is a closed-end investment company that lends to and invests in private and microcap public businesses. Our investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.
About CI Capital Partners
CI Capital Partners LLC is a North American private investment firm focused on building and expanding leading middle market businesses. The firm targets industries that are ripe for consolidation and seeks to build businesses through organic growth and acquisitions. Since the firm’s inception in 1993, CI Capital and its portfolio companies have made more than 100 acquisitions representing over $6 billion in enterprise value. CI Capital’s existing portfolio consists of companies which collectively generate annual revenue of approximately $5 billion, EBITDA of approximately $400 million, and employment of approximately 15,000 people.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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