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LBC Credit Partners joins Frontenac for Portfolio Goup deal

20 Feb 2013

chicago 3_sqChicago-based private equity firm Frontenac Company has secured a credit facility and an equity co-investment from LBC Credit Partners to support its investment in the Portfolio Group.

Mid-market mezzanine specialist LBC was the lead arranger, bookrunner and administrative agent for the deal.

The financial terms were not disclosed.

California-based The Portfolio Group provides financial services to automobile dealerships. It manages all facets of automobile dealers’ aftermarket, extended warranty and vehicle service contract programs.

Frontenac is currently investing from its tenth fund with a focus on services industries.

The firm has been involved with over 200 ownership transitions in closely-held companies. It says it is a patient investor, allowing the time for companies to realize their full potential.

With over $1.25bn of committed capital, LBC is invested in North American companies operating in a wide range of sectors.

Last month LBC secured half of its target for its third investment vehicle, highlighting the increasing popularity of debt funds among investors amid a wider dearth of traditional bank financing.

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