CVC Credit Partners provided a $60 million first lien loan to support middle-market investment firm Sole Source Capital‘s acquisition and growth strategy of Dallas Plastics, a manufacturer of blown polyethylene film with printing, embossing and other capabilities for medical, food and industrial end markets.
“CVC Credit’s support, alongside that of our equity backer, will be essential in the years ahead. We are delighted to have enhanced our business with two highly engaged partners and a detailed growth strategy, which will accelerate our development,” Kevin Pierce, CEO of Dallas Plastics, said.
“We greatly value our relationship with the CVC Credit team, how they communicate, and their speed and reliability as a partner. They are a team with deep domain expertise across a wide array of industries. We are very pleased to have secured their support for our growth ambitions at Dallas Plastics,” Scott Sussman, partner in M&A at Sole Source Capital, said.
“Serving a robust and growing market with a differentiated offering and established customer base, Dallas Plastics is an attractive prospect for any investor. When adding the experience and multi-faceted growth strategy brought to bear by a well-respected sponsor, the decision to support the business was, for us, a simple one. We are delighted to be able to support the business’ next stage of growth,” Andrew Eversfield, director of CVC Credit Partners’ U.S. private debt business, said.
CVC Credit Partners is the global credit asset manager of CVC.