Boston, MA, March 9, 2006 - NewStar Financial, Inc. ("NewStar"), a Boston-based commercial finance company, announces that it has provided $15 million in financing to support the acquisition of substantially all of the assets of Woodridge Labs, Inc. by Nextera Enterprises, Inc.
Woodridge, headquartered in Van Nuys, CA, has historically marketed a number of core brands including Vita-K Solution and DermaFreeze365. These products can be found in over 21,000 retail stores throughout the U.S. and Canada including, but not limited to, stores operated by Walgreens, CVS, Rite-Aide, Albertson's, and Wal-Mart.
NewStar and its affiliates served as the sole lenders and Administrative Agent. The senior secured facilities consist of a five-year $10.0 million term loan and a four-year $5.0 million revolving credit facility.
"The resources and flexibility of NewStar and the expertise of our deal team helped Nextera complete this transaction within the desired schedule," said Tim Conway, CEO of NewStar.
"NewStar and their entire transaction team worked very diligently with Nextera to close this facility on a rapid time-line thereby allowing the company to successfully close the Woodridge acquisition" added Michael Muldowney, COO & CFO of Nextera Enterprises.
The deal team for this transaction included Mark Cordes, Rob Milordi, Michael Purcell, Jim Synborski, and Annie Fischer.
About NewStar Financial, Inc.:
NewStar Financial, Inc. was formed in June 2004 by a group of senior banking and capital markets executives from leading financial institutions, including FleetBoston Financial, Citigroup and JP Morgan Chase, and leading institutional investors including Capital Z Partners, JP Morgan Corsair Capital Partners and Och-Ziff Capital Management Group. NewStar is focused exclusively on providing customized financing solutions to mid-sized borrowers in three lending groups: Middle Market Corporate, Commercial Real Estate, and Structured Products. For more information, please contact the appropriate individual below.
Gaffney Bennett Public Relations