Boston, March 31, 2017
Crystal Financial SBIC today announced the closing of a $14.5 million Senior Secured Credit Facility for New England & North East Linen Supply (“NELS”)., NELS is a leading linen service and uniform rental company serving better restaurants and corporate and educational institution dining facilities along the Northeast U.S. corridor.
Proceeds from the facility will be used to optimize the Company’s existing capital structure and for general corporate purposes.
“Crystal quickly differentiated itself as a provider of creative solutions and delivered a financing that met all of our objectives. The Crystal team was effective in determining an appropriate debt structure and focused on the timely execution of our deal. We are excited to be working with them.” said Bob Winneg of New England Capital Partners, owner of NELS.
Matt Governali, Managing Director of Crystal Financial SBIC said, “Bob and the executive management team of NELS, including CEO Brad Kerin, have been quite successful in positioning NELS to be a trusted and reliable partner for its customers. We look forward to a productive long-term relationship with the Company.”
“We are pleased that our creative approach to financing solutions met all of the Company’s needs. We are as committed to superior service for our borrowers as NELS is for its clients. ” said Kenny Smith, Director of Crystal Financial SBIC.
About Crystal Financial SBIC
Crystal Financial SBIC is a dedicated fund managed by the principals of Crystal Financial. Its focus is to provide debt capital to a wide range of lower middle market businesses with minimum EBITDA of $5.0 million and minimum transaction size of $7.5 million. Its team of experienced, responsive professionals has underwritten, closed and managed more than $20 billion in secured debt commitments throughout the course of their professional tenures. For more information please visit www.crystalfinco.com.
About New England Linen Supply
New England and North East Linen are highly focused regional textile rental companies specialized in serving restaurants and the corporate and executive dining rooms in many of the fortune 500 companies as well as major educational institutions. With over 40 years of experience and dedication to meeting the ever changing needs of this specialized food service industry, NELS has earned the reputation of being the vendor of choice. The company currently has locations in New York, New Haven, and Boston which serve the northeast corridor from New Jersey, the five boroughs of New York City and the Boston markets. For more information please visit www.nelinen.com.
CRYSTAL FINANCIAL CONTACT
Cheryl Carner
617-428-8718
ccarner@crystalfinco.com
NEW ENGLAND LINEN SUPPLY CONTACT
Brad Kerin
866.871.5440
info@nelinen.com