BOSTON, May 10, 2012 (GLOBE NEWSWIRE) -- THL Credit, Inc. (Nasdaq:TCRD) ("THL Credit") today announced that it recently participated in three new investment transactions – the recapitalization of Martex Fiber Southern Corp. ("Martex"), the recapitalization of Innovative Medical Device Solutions, Inc. ("IMDS") and acquisition financing for YP Holdings LLC ("Yellow Pages"). THL Credit invested in each transaction together with its managed fund, THL Credit Greenway Fund LLC.
RECAPITALIZATION OF MARTEX
THL Credit participated in the refinancing of Martex by Milestone Partners, providing subordinated debt capital as part of the acquisition. Based in Spartanburg, SC, with offices in Philadelphia, PA, Martex is one of the leading recyclers of pre-consumer textile waste in the Americas. Martex sources textile waste primarily from large apparel manufacturing cut-and-sew operations. The company converts the waste into higher value remanufactured fibers as well as recycled yarn products. Martex has been producing sustainable and environmentally friendly products since the 1970s.
"By offering high quality products and services, Martex has developed long-term relationships with its customers and suppliers while garnering a strong reputation in its industry," said Sam Tillinghast, Co-President of THL Credit. "Martex's dedication to environmental integrity uniquely positions the company for future growth."
RECAPITALIZATION OF IMDS
THL Credit participated in the refinancing of IMDS, a portfolio company of Arsenal Capital Partners ("Arsenal"), providing subordinated debt capital. Headquartered in Fort Worth, TX, IMDS is a provider of comprehensive outsourcing solutions for orthopedic and medical device companies, including the development of orthopedic implants and instruments.
"We are pleased to support Arsenal and the management team of IMDS as they continue to grow and execute on IMDS' unique market strategy. As a one-stop partner to orthopedic OEMs, IMDS' unparalleled co-innovation and manufacturing capabilities provide a clear competitive edge over its peers," said Chris Flynn, Managing Director of THL Credit.
ACQUISITION FINANCING FOR YELLOW PAGES
THL Credit provided debt financing for the acquisition of YP Holdings LLC ("Yellow Pages") by Cerberus Capital Management, L.P. Operating in 22 states, Yellow Pages provides ad space to local and national businesses in U.S. print directories and through online and mobile (YP.com) platforms.
About THL Credit
THL Credit is an externally-managed, non-diversified closed-end management investment company that has elected to be treated as a business development company (BDC) under the Investment Company Act of 1940. THL Credit's investment objective is to generate both current income and capital appreciation, primarily through investments in privately negotiated debt and equity securities of middle market companies.
THL Credit is headquartered in Boston, with additional investment teams in Los Angeles and Houston. THL Credit invests primarily in junior capital securities, including subordinated debt and second lien secured debt, which junior capital may include an associated equity component such as warrants, preferred stock or other similar securities. THL Credit may also selectively invest in first lien secured loans. THL Credit targets investments in middle market companies with annual revenues of between $25 million and $500 million that require capital for growth and acquisitions. THL Credit's investment activities are managed by THL Credit Advisors LLC, an investment adviser registered under the Investment Advisers Act of 1940.
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