Buyers Edge Platform, a leader in digital procurement solutions for the foodservice industry, completed a $1.1B recapitalization to support its continued growth through the successful closing of a $560 million term loan B maturing in 2031 and a $130 million revolving credit facility maturing in 2031. J.P. Morgan, General Atlantic Credit, Bank of America, Truist and Wells Fargo acted as joint lead arrangers and bookrunners for the Term Loan B.
The new credit facilities build on the company’s $425 million preferred equity investment secured from a consortium led by General Atlantic Credit’s Atlantic Park Fund, alongside funds managed by Blackstone Tactical Opportunities and investment funds managed by Morgan Stanley Tactical Value, announced in April 2024.
Buyers Edge’s term loan B transaction represented the tightest pricing for any debut deal by technology companies since November 2021 and financing was well oversubscribed due to strong demand.
The proceeds from the term loan B will be used to refinance the existing Term Loan A and provide liquidity to employees and shareholders of Buyers Edge.
“The most exciting thing for me about this recapitalization is that many of our most tenured and committed team members will be receiving liquidity,” John Davie, Buyers Edge Platform CEO, said. “I’m thrilled to be able to reward our amazing team for their hard work and dedication. In addition, I’m excited about the flexible capital structure we’ve put in place. This will underpin our M&A strategy, which we plan to accelerate over the coming years.”
Buyers Edge Platform’s team has grown exponentially over the past 8 years. The company surpassed 1,000 employees in January of 2024 and currently has 50 open positions and 150 more planned hires through the end of 2024. It has completed 5 acquisitions in the past 12 months and has 10 more planned before the end of the year.
