MidCap Financial, a commercial finance company focused on middle market transactions, provided a senior secured credit facility and equity co-invest to LB GTMA Opco (dba Core Equipment Group). Proceeds from the credit facility were used to finance the acquisition of the GT Mid Atlantic, a heavy equipment dealer.
CORE is owned and backed by LB Advisors, a Santa Monica, California-based private equity firm specializing in middle-market companies.
“The strong financial backing from our ABL lender MidCap Financial enabled a successful acquisition and we look forward to the partnership,” Russell Belinsky, co-founder of LB Advisors, said.
“The 68-year history of GT Mid Atlantic coupled with the growth opportunities ahead makes this an exciting one,” Bianca Barredo, head of enterprise ABL at MidCap Financial, said. “The transaction is yet another example of MidCap Financial’s ability to partner with private equity to offer a comprehensive financing solution.”
