Daily News: April 23, 2013

LBC Finances Formation of Quintec by Tenex Capital

LBC Credit Partners announced the completion of a $34 million senior secured term loan to Quintec, a portfolio company of Tenex Capital Management. Proceeds from the transaction were used to partially finance the merger of NAP GLADU with Techniks and BC Saw and to provide for Quintec’s ongoing working capital and general corporate needs.

Quintec is an independent provider of cutting tools, cutting tool holders and related services in North America. It was created through the merger of Techniks, Inc. and BC Saw & Tool with NAP Tools (d/b/a NAP GLADU), a portfolio company previously acquired by Tenex. The merger created significant synergies in technologies, products and distribution to ensure continued and significant growth at both companies.

Techniks designs and distributes high-quality industrial tool holders, cutting tools and accessories. Techniks products are sold through local distributors throughout North America under the brands of Techniks, Nexus and Earthchain. BC Saw has been specializing in the sale and service of carbide saws, routers, cutters, diamond tooling, bandsaw blades, metal saws and custom tooling since 1966.

LBC worked closely with the firm on all aspects of the international transaction, helping to structure the complex deal and create a highly attractive financing package that provides flexibility to continue expanding the Quintec platform.

Tenex Capital Management is a private equity firm that makes control investments in middle-market companies

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.