Yak Access, a provider of temporary access roads and related services, completed a major recapitalization led by its principal equity holder, Platinum Equity, earlier this month.
Through this transaction, Yak Access obtained $121 million of new money investments, largely from Platinum Equity, which remains in control of a majority of Yak Access’ common equity. All lenders across the company’s capital structure supported the transaction, which resulted in an exchange of existing loans into a combination of equity and approximately $419 million in new loans maturing in March 2028. Yak Access also entered into a new $75 million revolving credit facility led by MidCap Financial. Yak Access has now eliminated more than $500 million of net debt and substantially reduced leverage and debt service.
“I continue to appreciate the unanimous support of Platinum Equity and our lenders, as well as the cooperation of Yak’s vendors and customers throughout this process and the hard work of our employees,” Jonathan Duhon, CEO of Yak Access, said. “With ample liquidity from Friday’s transaction, Yak is strongly positioned to capture burgeoning demand for its best-in-class services.”
“We are pleased to take this step forward in our partnership with Yak and its other stakeholders,” Jacob Kotzubei, co-president of Platinum Equity, said. “Our new investment in Yak demonstrates Platinum Equity’s confidence in its operational foundation, its core values and its ability to drive organic growth through continuous innovation.”
