Franklin Square Capital Partners announced the origination of a unitranche term loan to finance a dividend recapitalization of Dent Wizard International, a vehicle reconditioning servicer. Dent Wizard is a portfolio company of H.I.G. Capital.
The unitranche financing was provided by FS Investment Corporation, FS Investment Corporation II and FS Investment Corporation III, BDCs managed by Franklin Square and sub-advised by an affiliate of GSO Capital Partners, the credit platform of Blackstone. FSIC, FSIC II and FSIC III focus primarily on investing in the debt securities of private U.S. middle market companies.
“We are pleased to have the opportunity to make this commitment to Dent Wizard and to work again with H.I.G. on this new direct origination,” said Michael C. Forman, Chairman and Chief Executive Officer of FSIC, FSIC II and FSIC III. “The scale of our platform gives us the ability to provide customized financing solutions to our clients and to support our portfolio companies as they develop and grow their businesses.”
“Since the initial financing in April 2013, Dent Wizard has grown its market share, deleveraged its balance sheet and demonstrated a consistent ability to generate free cash-flow,” commented Brad Marshall, Senior Managing Director at GSO. “We believe Dent Wizard’s leading management team and diverse line of products has the company well-positioned to further cement its position as a market and category leader in automotive reconditioning services.”
“Consistent with our prior experience, GSO and Franklin Square again delivered a timely financing solution tailored to meet our needs,” said Fraser Preston, Managing Director of H.I.G. “This commitment is a vote of confidence in Dent Wizard’s market position and positions the company to continue to pursue its numerous service and channel growth initiatives. We appreciate Franklin Square’s continued commitment to our company.”