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NEWSTAR FINANCIAL JOINS IN THE RECAPITALIZATION OF ANGELLE CONCRETE 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.
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