LBC Credit Partners increased an existing credit facility to support the recapitalization of GSC Technologies by an affiliate of New Water Capital Partners. LBC previously provided a secured term loan to New Water to support the recapitalization of KL Outdoor.

GSC and KL Outdoor merged in April 2017, creating the world’s largest kayak company.

LBC served as the administrative agent and sole lead arranger for the senior secured term loan to support the GSC recapitalization.

GSC is a manufacturer of kayaks and watersports products under the Future Beach, Equinox, Patriot, Heritage and Viper brands. GSC also produces branded storage and outdoor furniture.

KL Outdoor manufactures, designs and markets branded outdoor lifestyle/recreational and outdoor event products including kayaks, stand up paddleboards, canoes, pedal boats, hunting blinds, sleds and portable restrooms. KL goes to market under several brands including Sun Dolphin, Evoke, Extent and Third Coast, Terrain and Five Peaks.

New Water Capital makes control investments in North American lower middle market companies with revenues of approximately $30 million to $300 million in the consumer products, retail, industrial manufacturing and services sectors.

Philadelphia-based LBC Credit Partners is a provider of middle market financing solutions including senior term, unitranche, second lien, junior secured and mezzanine debt and equity co-investments supporting sponsored and non-sponsored transactions.