THL Credit Announces New Investment, Third Successful Realization
THL Credit, Inc. announced that it participated in the financing of Express Courier International, Inc.’s acquisition of EagleOne, Inc., a provider of same-day courier services in the Southern United States. THL Credit and its managed fund, THL Credit Greenway Fund, provided senior subordinated debt capital as part of the acquisition.
Express Courier, a portfolio company of The Riverside Company , is headquartered in Franklin, TN, and specializes in same-day and regularly scheduled delivery of time-sensitive or confidential materials across a range of industries.
“We are pleased to once again be partnering with Riverside,” said Kunal Soni, managing director of THL Credit. “This transaction continues THL Credit’s strategy of partnering with sponsors and management teams of strong companies in growing industries. With its strong regional presence, long-standing customer relationships and differentiated service offering, Express Courier is uniquely positioned to take advantage of new opportunities and continued expansion in the same-day delivery market.”
Separately, THL Credit announced the exit of its investment in Anytime Worldwide with $15 million of proceeds in December 2011, including the repayment of its loan along with a prepayment premium and the monetization of its equity position. Anytime CEO Chuck Runyon added, “THL Credit has been a valuable partner. The lending and support provided by THL Credit’s team helped us realize the best two-year performance in our company’s history.”
The Anytime exit marks THL Credit’s third realization since inception. Its investments in Intelligrated and SiVance were also fully realized in February 2011 and September 2011, respectively.
THL Credit is an externally managed, non-diversified closed-end management investment company that invests primarily in junior capital securities, including subordinated debt and second lien secured debt.