VantaCore Partners LP Announces $100 Million Equity Financing with Trilantic Capital Partners
Philadelphia, PA – April 7, 2010 – VantaCore Partners LP (“VantaCore” or the “Partnership”) announced that it has consummated a significant acquisition financing package, consisting of $100 million of equity funding from Trilantic Capital Partners (“Trilantic”) and a $15 million Acquisition Facility from PNC. PNC also provided VantaCore with a $27 million senior secured credit facility.
“We are excited about this significant new source of acquisition financing and adding these two great new partners to our team”, said Colin Oerton, VantaCore’s Chief Executive Officer. “These financings provide us with the capital to continue our strategy of purchasing high quality aggregate businesses in the U.S., following the three successful acquisitions that we have made in Tennessee and Louisiana since mid-2007. We look forward to working with Trilantic and are also pleased that PNC Bank has decided to not only support our existing business but to also fund our growth plans. PNC’s facility will be used to refinance our existing senior debt, and provide $15 million to fund future investments.”
Chris Manning, on behalf of Trilantic, added “VantaCore represents an exciting opportunity for us combining three attractive characteristics of an excellent management team, solid industry fundamentals and a well-run operating business with substantial growth prospects. We believe that this is an excellent time to be making this investment and are pleased to provide VantaCore with the funding which will enable them to take advantage of the significant expansion opportunities in its industry including acquisitions of, and investments in other aggregate companies as well as internal growth projects.”
VantaCore is a private company focused on acquiring competitively advantaged aggregate and related businesses in the domestic U.S. market. With approximately 150 employees, its operations consist of an integrated limestone quarry (with permitted surface reserves of about 49 million tons), a dock facility, two asphalt plants and a commercial asphalt lay down business located in Clarksville, Tennessee and a sand and gravel business (with approximately 67 million tons of sand and gravel reserves) located near Baton Rouge, Louisiana serving the south central Louisiana market. VantaCore’s interest in retaining local company management, its financial structuring flexibility and seller sensitivity, has driven the Partnership’s acquisition growth to date. Management plans to continue this successful strategy of growing primarily through acquisition. To date, VantaCore has been financed by Kayne Anderson Energy Development Company (NYSE: KED), Tortoise Capital Resources Corporation (NYSE: TTO) and Hartz Capital Investments LLC all of which are retaining their equity interest in the Company. For more information, please visit our website at www.vantacore.com.
Trilantic Capital Partners, a private equity firm focused on control and significant minority investments in North America and Europe, was formed in 2009 by the former principals of Lehman Brothers Merchant Banking, where they created a strong track record of investing in and building long-term businesses. Trilantic currently manages two institutional private equity funds with an aggregate capital commitment of $3.9 billion.
Macquarie Capital (USA) Inc. was the lead equity placement agent and G.C. Andersen Partners, LLC acted as exclusive placement agent in arranging the senior credit and acquisition facility.
PNC loans are provided by PNC Bank, N.A., a member of The PNC Financial Services Group, Inc. (NYSE:PNC).
Apr 07, 2010