Kayne Anderson Arranges Fallbrook Facility
Fallbrook Technologies closed a refinancing of its previous $25 million debt facility with a new facility arranged through Kayne Anderson Capital Advisors’s Middle Market Credit group. Not only does the Kayne Anderson facility offer Fallbrook more attractive capital than the company’s previous facility, but it also contains a commitment for Fallbrook to draw up to $10 million of additional capital at Fallbrook’s option.
“We’re very pleased to be working with Kayne Anderson,” stated William G. Klehm III, Fallbrook’s Chairman and CEO. “Kayne Anderson is a leading and highly selective investment firm, and this transaction supports the growth we are seeing in our business from strong market demand for our proprietary NuVinci technology.”
Ed Cerny, a managing partner of Kayne Anderson’s middle market credit activities, commented, “We are excited to provide Fallbrook with capital and backing as the company increases commercialization of NuVinci technology in existing fields of use and makes headway within new fields of use. We spoke with many existing and aspiring licensees of NuVinci technology during our due diligence process and universally heard that not only is this technology already making a big difference where it is being used today, but also that it literally has the ability to forever change the future of energy transmission. Perhaps most excitingly, to date Fallbrook has only scratched the surface in terms of the broad applicability of this technology.”
“We continue to see increasing demand that will drive ongoing growth in our business,” said Fallbrook CFO Robin Grey. “This refinancing gives us confidence that we have the appropriate financial strength and liquidity to continue to invest in Fallbrook to take advantage our opportunities in the market.”
Raymond James acted as sole agent on this private placement.
Fallbrook Technologies is the developer of the patented NuVinci continuously variable planetary (CVP) technology, which can improve the performance and efficiency of machines that use a transmission, including vehicles, stationary equipment, bicycles, etc.