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Balance Point Partners backs Connoisseur radio buys with $11.1m debt, equity

29 May 2013

communications antena tower full of dishes with sky backgroundMezzanine and equity capital investor Balance Point Capital Partners provided $11.1m of financing to support Connoisseur Media’s recent acquisitions of Cox Radio and Nassau Broadcasting.

The firm invested $5.7m in the form of mezzanine notes and $5.4m in common equity for the deal, which increased the number of radio stations in Connoisseur’s portfolio to 40.

Connecticut-based Balance Point targets investments in lower mid-market businesses, and has backed more than 75 companies since 1988.

It aims to back companies with EBITDA of between $2m and $20m, and typically invests $3m to $15m per transaction.

Managing partner Seth Alvord and senior vice president Rob Gibson led the financing effort for the Connoisseur deal.

Last week fellow lower mid-market mezzanine investor Centerfield Capital Partners closed its third fund, Centerfield Capital Partners III, on over $171m.

Commitments to the fund exceeded Centerfield’s $150m target and represent approximately a 50 per cent increase in the amount of capital committed to Centerfield’s second fund.

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