CVC Credit Partners acted as administrative agent on a first lien senior secured credit facility for Industrial Physics. The company used the proceeds to finance an acquisition and refinance existing debt. The credit facility will also be utilized to finance the company’s growth through future acquisitions in the U.S. and Europe.
Formed in 2014 by Union Park Capital, Industrial Physics designs, manufactures and distributes test and measurement instruments for quality assurance of packaging materials. These instruments are critical to maintaining customer quality control procedures and are used throughout the value chain. It has offices in the U.S., China, the Netherlands, the UK, Germany, Mexico and Indonesia.
Jim Neville, president and CEO of Industrial Physics, said, “We are excited to have CVC as our new partner. Throughout the process, their team has been thoughtful and responsive, and they align very well with our business strategy. Also, their ability to provide a seamless cross-border, multi-currency solution was a real differentiator for us.”
David Rous, managing director in CVC’s U.S. Private Debt business, added, “Industrial Physics has built a great platform with strong market positions across its nine portfolio companies. We look forward to supporting Union Park and the Industrial Physics team through the company’s next stage of growth.”
