Middle market investment bank Westlake Securities secured $160 million of committed senior and junior capital, in aggregate, from PNC Bank and The Carlyle Group‘s global credit platform for Zippy Shell. The total financing package includes a $65 million first lien ABL from PNC Bank and a $75 million second lien term loan, plus $20 million preferred equity, from Carlyle.
The new financing package will provide capital that allows Zippy Shell to make strategic acquisitions, open more storage locations, invest in its technology and expand its fleet of storage containers and trucks.
“We are excited to be working with both PNC Bank and Carlyle and look forward to working with our partners as we meet rapidly growing needs for simple, safe, convenient moving and storage solutions across the country,” Mark Kuhns, CEO of Zippy Shell, said.
“For the past 10 years, we have been building and partnering with great financial partners, and we are thrilled to be working with PNC and Carlyle,” Gareth Taylor, founder and president of Zippy Shell, said.
Zippy Shell is a Wake Forest, NC-based portable storage and moving company.
