NewStar Leads $43 million in Senior Financing for Hackney Ladish, Inc.
NewStar Financial, Inc. (NASDAQ: NEWS), a Boston-based specialty finance company, announces that it has served as Administrative Agent and Lead Lender in connection with $43 million in senior financing provided to Hackney Ladish. The net proceeds of the senior financing were used to refinance existing senior debt and provide a partial recapitalization to Levine Leichtman Capital Partners (“LLCP”) and the management of the Company.
Levine Leichtman Capital Partners, a Beverly Hills, California-based private investment firm, manages in excess of $2.0 billion of institutional investment capital through private equity partnerships. LLCP has a highly differentiated, multi-fund investment strategy focused on companies with revenues of up to $500 million. LLCP is currently making new investments through Levine Leichtman Capital Partners III, L.P. and Levine Leichtman Capital Partners Deep Value Fund, L.P. LLCP also has offices in New York, Dallas, and Chicago.
“Once again, NewStar delivered a superb execution” commented Lauren Leichtman, Co-Founder and CEO of Levine Leichtman Capital Partners. “The Hackney Ladish transaction further establishes NewStar as a value-added partner for Levine Leichtman.”
Hackney Ladish, Inc. is one of the largest and most versatile fitting producers in the world. Hackney Ladish, Inc. is headquartered in Dallas, TX and operates two manufacturing facilities containing 380,000 square feet. Hackney™, Ladish™ and Flo-Bend™ products are produced domestically and shipped worldwide.
“NewStar is pleased to continue to build our relationship with Levine Leichtman,” said Jeremy Back, Managing Director at NewStar. “We are proud to be part of the team to bring Hackney Ladish to the next level.”
NewStar’s deal team included Jeremy Back, Jennifer Mannila and Levi Richardson with analyst support from Kristen Abels and Whitney Johannesson.
About NewStar Financial, Inc.
NewStar Financial is a specialized commercial finance company focused principally on meeting the complex financing needs of customers in the middle market through our corporate, commercial real estate, and structured products groups. Our senior banking teams call directly on customers to provide advice and finance a range of strategic transactions that may require some combination of senior secured, second lien and mezzanine financing. NewStar typically works with customers with financing needs of up to $150 million and cash flow as low as $5 million. We target ‘hold’ positions of up to $35 million, but may also underwrite or arrange transactions up to $100 million for syndications to other lenders.
We are headquartered in Boston MA, with regional offices in Darien CT, Chicago IL, San Francisco CA, San Diego CA, and Charleston SC. In December of 2006, NewStar completed an Initial Public Offering. The Company’s shares trade on the NASDAQ under the ticker symbol, NEWS. Please visit our website at www.newstarfin.com for more detailed transaction and contact information.