NewStar Financial Joins in The Recapitalization Of Angelle Congrete Group
NewStar partners with Harris Nesbitt and JP Morgan for Shoreview Investments
Boston, MA, November 30, 2004 NewStar Financial, Inc. (“NewStar”), a Boston-based commercial finance company, announces that it has provided recapitalization financing to Angelle Concrete Group, LLC, a leading regional importer and distributor of cement and concrete located in the southeastern United States. Angelle Concrete is owned by Shoreview Industries, an independent private equity fund that invests in middle-market manufacturing, distribution and service businesses in North America.
NewStar provided $14 million of the $42 million in credit facilities comprising a $9 million revolving loan, a $20 million term loan A, a $11 million term loan B, and a $2 million CAPEX facility for the recapitalization. NewStar also served as Documentation Agent for the transaction. NewStar shared the deal with Harris Nesbitt and JP Morgan equally.
“This project required NewStar to work quickly and effectively to meet the aggressive timeline required by the nature of the transaction,” said Tim Conway, Chief Executive Officer of NewStar. “Working with our partners on this deal, NewStar met this challenge and provided our client with the solution they needed.”
NewStar’s deal team for the transaction included Tim Shoyer, Paul Holian, Pem Covington and Michael Purcell.
The Angelle Group of Louisiana, founded in 1970, is a leading importer and supplier of cement in the southeast and a producer and supplier of ready-mix concrete.
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