Crown Partners arranged a $75 million senior debt facility for HOP Energy, a portfolio company of Delos Capital. Crown Partners served as exclusive financial advisor to HOP in connection with this transaction.
HOP, headquartered in White Plains, NY, is a home services provider, delivering heating distillates and performing installation and services of HVAC, heat pumps and other critical home systems. The new credit facility, which closed on Dec. 21, provides the company with increased capital to support its continued growth.
“We congratulate the full team at HOP for their successful outcome and wish them all the best in continuing to grow their franchise throughout the Northeast and Mid Atlantic,” Mark Seigel, managing partner and Evan Nadler, managing partner of Crown Partners, said. “HOP’s successful execution in the debt market demonstrates that there remains extremely strong demand among senior financing sources to provide asset based facilities to well managed middle market companies.
At a time when liquidity and financial flexibility is at a premium, we are seeing increasing demand among middle market sponsors to maximize their working capital availability. Crown’s significant expertise in this area and our relentless pursuit of our client’s objectives allows us to continue to deliver high impact solutions.”
“The team at Crown did a fantastic job in helping the company navigate an efficient process for a complex ABL on an extremely short timeline, which resulted in a financing solution for the company that exceeded our expectations,” Will DeBruyn, partner of Delos Capital, said. “We are pleased to have new partners and additional capital to support our aggressive plans to grow the company in the coming years.”
