LBC Credit Partners increased the Drake Automotive Group senior secured credit facilities to support Drake’s acquisition of Addictive Desert Designs (ADD). LBC served as administrative agent and sole lead arranger on the transaction.
Headquartered in Nevada, Drake is an automotive aftermarket parts brand serving the classic car, off-road, and late model muscle car categories.
Founded in 2007 with operations in Mesa, AZ, ADD is a designer, manufacturer, and distributor of accessories for the off-road aftermarket. Products include suspension kits, bumpers and other accessories for a wide range of truck models.
The purchase of ADD is the sixth add-on acquisition for the Drake platform since it was launched by operationally-focused private equity firm Huron Capital in 2016.
Headquartered in Philadelphia, LBC Credit Partners provides companies with middle market financing solutions, including senior term, unitranche, second lien, junior secured and mezzanine debt and equity co-investments supporting sponsored and non-sponsored transactions.