LBC Small Cap, an affiliate of LBC Credit Partners, provided senior secured term loan and equity co-investment to support the acquisition of Auchinachie by Astar Heating & Air, a portfolio company of Dubin Clark & Company.
LBC Small Cap served as Documentation Agent for the senior secured term loan and equity co-investment.
Founded in 1906 and headquartered in Binghamton, New York, Auchinachie is a fourth-generation family business that provides plumbing, heating, air conditioning, water treatment, and air purification to single family homes. They primarily serve the Binghamton and surrounding upstate New York areas in central New York and the southern tier including Norwich, Owego, Johnson City, Cortland and Oneonta.
Astar is a leading provider of HVAC replacement, maintenance, and plumbing solutions to residential homeowners throughout the lower Hudson Valley region of New York. Astar was founded in 1976 and is headquartered in Middletown, New York.
"We are very excited to provide financing to Astar and partner with the sophisticated professionals at Dubin Clark in building a world-class company in the HVAC space," said Don Rice, Partner at LBC Small Cap.
Founded in 1984 and headquartered in Boston, Massachusetts, Dubin Clark has consistently partnered with outstanding management teams in building world-class businesses. They are dedicated to creating value by helping its companies grow through a coordinated approach that includes providing the capital necessary to support internal growth, completing add-on acquisitions to build market share, and helping to develop new strategies for the future while protecting the independence, culture, and values that made the company successful in the first place. Dubin Clark seeks control equity investments in business services, niche manufacturing, and specialty rental business with earnings before interest, taxes, depreciation, and amortization (EBITDA) of $2 million to $10 million (smaller for add-on investments).
About LBC Small Cap
LBC Small Cap is focused on originating, executing and managing senior secured, unitranche, junior debt, structured equity and equity co-investments in U.S.-based lower middle market companies with EBITDA between $2 - $5 million. The LBC Small Cap team looks to deploy capital to support funded sponsors, independent sponsors, and family-owned businesses across a broad array of industries.
About LBC Credit Partners
LBC Credit Partners provides middle market and small-cap financing solutions supporting sponsored and non-sponsored transactions throughout the U.S. across a broad range of industries. With over $3 billion of capital commitments, we have provided in excess of $6.4 billion to over 229 issuers throughout our 14-year history. * LBC is headquartered in the Philadelphia area and has offices in Atlanta, Chicago, Los Angeles and New York. To learn more, visit www.lbccredit.com. *Information as of July 2, 2019.
