Capital Southwest supported the recent acquisition of Binswanger Glass by Wingate Partners with a $44.2 million first lien term loan. Capital Southwest invested $13.3 million in the first lien term loan and serves as sole administrative agent. Main Street Capital was its co-investor in the term loan. Capital Southwest and Main Street also made equity co-investments in the transaction.
“We are pleased to have the opportunity to partner with Wingate on the acquisition of Binswanger Glass,” said Douglas Kelley, managing director of Capital Southwest. “We are impressed with the company’s market position, and believe that Wingate’s stellar track record of working with management teams to drive shareholder value will be an exciting complement to Binswanger as it moves to the next chapter of its growth.”
Memphis, TN-based Binswanger Glass, with 64 locations in 15 states, is one of the largest U.S. providers of repair, replacement, remodeling as well as new construction and installation services for a full suite of architectural glass and aluminum products, serving commercial, residential and automotive aftermarket customers.
Dallas-based Capital Southwest is a publicly traded business development company, with approximately $285 million in net assets as of December 31, 2016. Capital Southwest is a credit investment firm focused on supporting the acquisition and growth of middle market businesses with $5 million to $20 million investments across the capital structure, including first lien, unitranche, second lien, subordinated debt and non-control equity co-investments.