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Behrman Capital seals $570m recap for Pelican Products

16 Apr 2014

New York and San Francisco-based private equity firm Behrman Capital has completed a $570m recapitalisation for portable lighting and transport case company Pelican Products.

Since acquiring Pelican, Behrman has completed several add-on acquisitions for the company, including, most recently, Minnesota Thermal Science in 2013 and Cool Logistics in 2014.

The recapitalization is comprised of a $365m first-lien term loan, a $175m second-lien term loan, and a $30m revolving credit facility, which was unfunded at close. Credit Suisse and Morgan Stanley acted as syndication agents and co-bookrunners on the transaction, and Credit Suisse was the administrative agent. Proceeds from the credit facilities were used to repay existing debt and accrued interest, pay fees and expenses, and pay a cash dividend to shareholders, the firm said.

Grant G. Behrman, managing partner of Behrman Capital, said, “We are very pleased to have completed this recapitalisation, which allowed us to return capital to shareholders, significantly lower Pelican’s interest rate, and substantially increase the company’s financial flexibility. The highly successful syndication reflects the strong credit profile that we have created in partnership with CEO Lyndon Faulkner and the entire Pelican team. The company continues to build market share in its core products while diversifying its business, domestically and internationally, through a combination of organic growth and strategic acquisitions.”

Behrman Capital focuses on healthcare, specialty manufacturing, business to business outsourcing and defence. It has raised five funds with a combined capital base in excess of $3bn.

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