BOSTON, July 7, 2011 (GLOBE NEWSWIRE) -- THL Credit, Inc. (Nasdaq:TCRD) ("THL Credit") today announced that it recently participated in four new investment transactions: the recapitalization of CRS Reprocessing, LLC ("CRS"), the refinancing of Texas Honing, Inc. ("Texas Honing"), the recapitalization of Hart InterCivic, Inc. ("Hart"), and the purchase of senior term debt of Hickory Farms, Inc. ("Hickory Farms"). THL Credit participated in each transaction together with its managed fund, THL Credit Greenway Fund LLC.
PARTICIPATION IN RECAPITALIZATION OF CRS
THL Credit led the recapitalization of CRS, a global provider of proprietary, on-site industrial fluid reprocessing services for the solar photovoltaic and semiconductor industries, as well as aluminum cold rolling operations. CRS is headquartered in Louisville, Kentucky.
"Through its proprietary technology platform and experienced management team, CRS is well positioned to capitalize on the continued growth in the end markets that it serves. We partnered with Crystal Financial SPV LLC in this transaction and we look forward to supporting the company's continued expansion," said Kunal Soni, Managing Director of THL Credit.
PARTICIPATION IN REFINANCING OF TEXAS HONING
THL Credit recently provided capital to Texas Honing, which provides value-added OCTG (Oil Country Tubular Goods) services, specifically on large-diameter steel products used in petrochemical well completion and production. Based in Houston, Texas, the customers of Texas Honing include oilfield service companies, specialty steel manufacturers, and steel service centers. Texas Honing is a portfolio company of H.I.G. Capital, LLC.
"With its unique production processes and custom machinery, Texas Honing's unparalleled capabilities provide a clear competitive edge over its peers. We are pleased to be able to support the company's continued growth, as it provides quality honing, boring and machining services to energy sector customers," said Sam Tillinghast, Co-President of THL Credit.
PARTICIPATION IN RECAPITALIZATION OF HART INTERCIVIC
THL Credit provided financing to Hart, the leading national provider of election voting systems, and election management products and services. Proceeds of the transaction were used to support a strategic investment by an affiliate of H.I.G. Capital, LLC. The investment positions Hart for continued growth in its state, county and municipal technology businesses. Hart is headquartered in Austin, Texas.
"Hart's sophisticated suite of products and services cover all phases of the voting process including pre-election, election day and post-election. The company's 99-year history in elections has helped it establish long-term, deep-seeded relationships with government election officials and jurisdictions," said Sam Tillinghast.
INVESTMENT IN HICKORY FARMS
THL Credit recently provided capital in a secondary purchase of senior term loan to Hickory Farms, which engages in the retail, direct mail and wholesale merchandising of quality food gifts and premium specialty food items throughout the United States and Canada. The loan is agented by Cerberus Business Finance and its Affiliates. Hickory Farms is headquartered in Maumee, Ohio.
"Over the past 60 years, Hickory Farms has developed a premium consumer brand, offering a wide range of branded specialty food and gift products that have been a staple in North American homes and tradition for decades," said Chris Flynn, Managing Director of THL Credit.
About THL Credit
THL Credit is an externally-managed, non-diversified closed-end management investment company that has elected to be treated as a business development company (BDC) under the Investment Company Act of 1940. THL Credit's investment objective is to generate both current income and capital appreciation, primarily through investments in privately negotiated debt and equity securities of middle market companies. THL Credit is headquartered in Boston, with additional investment teams in Los Angeles and Houston. THL Credit invests primarily in private subordinated debt, or mezzanine debt, in middle market companies with annual revenues of between $25 million and $500 million that require capital for growth and acquisitions. Such investments in many cases include an associated equity component such as warrants, preferred stock or other similar securities. THL Credit's investment activities are managed by THL Credit Advisors LLC, an investment adviser registered under the Investment Advisers Act of 1940.