OHA is Administrative Agent & Lead Left Arranger for Private Refinancing of National Carwash Solutions
11 Junio 2024 - 1:18PM
Oak Hill Advisors (“OHA”) served as Administrative Agent and Lead
Left Arranger for a unitranche facility supporting National Carwash
Solutions (“NCS”), a portfolio company of Berkshire Partners
(“Berkshire”). NCS is a leading provider of car wash equipment,
supplies and services to operators across North America. OHA
provided half of the over one billion dollar total financing
facility, consisting of a unitranche term loan, delayed draw term
loan and revolver, which is being used primarily to refinance the
company’s existing debt.
OHA’s extensive knowledge of the carwash
ecosystem, having invested in multiple credits in both public and
private markets since 2019, positioned it to have a key role in
this refinancing solution. OHA first invested in NCS in 2021,
supporting Berkshire’s buyout of the company. With this
transaction, OHA significantly expanded its lending relationship
with NCS, reflecting OHA’s conviction in its market-leading
positioning and underlying credit quality.
“With a resilient business model and strong
sponsor support, NCS is a leading player poised for continued
growth within a sector that we know well,” said Eric Muller,
Portfolio Manager and Partner at OHA. “We look forward to
continuing both our longtime support of the company and partnership
with Berkshire through this scaled financing solution.”
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About OHA: Oak Hill Advisors (OHA) is a
leading global credit-focused alternative asset manager with over
30 years of investment experience. OHA works with institutions and
individuals and seeks to deliver a consistent track record of
attractive risk-adjusted returns. The firm manages approximately
$64 billion of capital across credit strategies, including private
credit, high yield bonds, leveraged loans, stressed and distressed
debt and collateralized loan obligations as of March 31, 2024.
OHA’s emphasis on long-term partnerships with companies, sponsors
and other partners provides access to a proprietary opportunity
set, allowing for customized credit solutions across market
cycles.
With over 400 experienced professionals across
six global offices, OHA brings a collaborative approach to offering
investors a single platform to meet their diverse credit needs. OHA
is the private markets platform of T. Rowe Price Group, Inc.
(NASDAQ – GS: TROW). For more information, please visit
oakhilladvisors.com.
About NCS: Founded in 1973 and
headquartered in Grimes, IA, NCS is the carwash industry’s Proven
Partner for operational excellence and sustainable growth. As part
of its mission to make life better through carwashing, NCS delivers
cutting-edge solutions that improve efficiency, promote
environmental sustainability and enhance customer satisfaction. The
company’s robust family of brands includes well-known names such as
MacNeil, Ryko, Vacutech, PurClean, TSS, Armor All Professional®,
Rain-X®, Blue Coral® and Black Magic®. NCS has also established the
only direct end-to-end customer service and support network in the
industry, and offers an advanced app-based carwash management
system, NCS Lens, as part of its Carwash 4.0™ Connected Carwash
vision for the future. For more information about National Carwash
Solutions, visit http://www.ncswash.com.
About Berkshire Partners: Berkshire
Partners is a 100% employee-owned, multi-sector specialist investor
in private and public equity. The firm’s private equity team
invests in well-positioned, growing companies across services &
industrials, technology & communications, consumer, and
healthcare. Since inception, Berkshire Partners has made more than
150 private equity investments and has a strong history of
collaborating with management teams to grow the companies in which
it invests. The firm's public equity group, Stockbridge, founded in
2007, manages a concentrated portfolio seeking attractive long-term
investments. The firm’s Stockbridge and Private Equity teams
frequently collaborate and leverage their collective industry
expertise across sectors. For additional information, visit
www.berkshirepartners.com.
Natalie Harvard, Head of Investor Relations & Partner
Oak Hill Advisors, L.P.
212-326-1505
nharvard@oakhilladvisors.com
Kristin Celestino, Public Relations
Oak Hill Advisors, L.P.
817-215-2934
kcelestino@oakhilladvisors.com
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