Daily News: March 8, 2018

Breakwater, Wells Fargo Lead Global Restoration Recap

Breakwater Management provided Global Restoration Holdings with a $60 million senior secured unitranche term loan as part of a recapitalization that included an asset backed revolving credit facility led by Wells Fargo.

Proceeds from the credit facilities were used to refinance debt, support future growth for the business and provide a shareholder dividend.

Global Restoration provides disaster restoration, reconstruction and renovation services for properties in response to general loss and catastrophic events. Delos Capital formed Restoration through the merger of Interstate Restoration, based in Fort Worth, TX and FirstOnSite Restoration, based in Mississauga, Canada.

“We are excited to partner with Delos and the impressive management team at Restoration as they continue to build a best-in-class provider of restoration and reconstruction services in North America,” said Saif Mansour, managing partner at Breakwater.

Based in Los Angeles, Breakwater Management provides flexible debt and equity capital to growing lower middle market companies.