Source Capital Completes $41.5 Million Recapitalization of Aerial Access
Source Capital last week completed a $41.5 million recapitalization of its portfolio company Aerial Access Equipment, an aerial rental company based in Baton Rouge, La. Plainfield Asset Management LLC of Greenwich, Conn., provided the financing.
Aerial Access serves the industrial, commercial and offshore fabrication markets. With branches in Belle Chasse, La., near New Orleans, Nederland, Texas, and the Mobile, Ala., area, the company covers the Gulf Coast region with a fleet of more than 900 aerial rental units including boom lifts, scissorlifts and telescoping forklifts. The company was founded in 1998 by Gene Torrence, a veteran of more than 30 years in the equipment rental business.
Plainfield’s investment takes the form of a senior term loan A, senior term loan B, revolving capital expenditure line of credit and revolving credit facility.
Source Capital LLC was established to make equity investments in mature, private small-cap companies with EBITDA of at least $1.5 million. Investments are primarily in the form of management-backed leveraged acquisitions, recapitalizations and growth financings with emphasis on value creation through growth, business development and operational improvement rather than through financial engineering or excessive leverage.
