Trulite Glass & Aluminum Solutions, LLC
$23.5 million Senior Secured Term Loan
Overview
Trulite Glass & Aluminum Solutions (“Trulite” or the “Company”) is an industry leading glass fabricator and distributor in North America operating approximately 25 facilities throughout the U.S. and Canada. The Company provides products and services to more than 6,500 customers in both the commercial and residential construction markets.
Affiliates of Sun Capital Partners, Inc. (“Sun Capital”) purchased the #2 player in the industry in 2010 and subsequently acquired the #3 and #5 players. Each acquisition was financed by affiliates of Sun Capital to ensure the financial flexibility necessary to integrate the 3 companies. With the integration complete, the Company sought to bring in 3rd party debt to optimize its capital structure.
In 2012, Crystal made its initial investment providing a $20.0MM secured term loan in conjunction with a revolver provided by a nationally known asset-based lender.
Challenge
Over time, the Company made additional acquisitions and further optimized the business by divesting non-core operations and closing underperforming facilities. In order to finance these activities and fund future growth additional capital was needed.
Solution
Crystal amended, extended and increased its commitment to a $23.5MM facility. The revolver and the term loan are each secured by their own collateral (working capital and fixed assets/real estate respectively) with “swapping seconds” on the other collateral.