Daily News: September 8, 2014

NXT Capital, Others Provide Financing for Ridgemont Acquisition

Ridgemont Equity Partners announced the closing of a majority equity investment in Abrasive Products & Equipment, a specialty distributor of surface preparation, remediation, abatement, safety, environmental and waterjet cutting products and solutions.

BlackArch Partners served as exclusive financial advisor to AP&E. Debt financing partners for this transaction included Madison Capital Funding, NXT Capital, TIAA-CREF and Stellus Capital Management. Financial terms of the transaction were not disclosed.

Deer Park, TX-based AP&E provides abrasive material and equipment and safety, maintenance and environmental supplies for surface preparation demands of contractors across a variety of industrial markets.

“AP&E is a natural fit for Ridgemont’s portfolio,” said John Shimp, partner at Ridgemont. “There is a lot of exciting activity around the petrochemical complex in the Gulf Coast and this investment is a continued evolution of Ridgemont’s broader thesis around these attractive market dynamics. Our team is able to couple our experience in industrial distribution with our extensive knowledge of the oil & gas revolution in the US.”

“We are pleased to enter into this partnership with the existing senior management team of AP&E,” added Jack Purcell, partner at Ridgemont. “The company has a unique culture centered on customer service, and we are excited to be a part of AP&E’s next stage of growth.”

Alston & Bird served as legal counsel to Ridgemont.