Solar Capital Bought Kingsbridge Holdings LLC
Posted on 11/28/2020
Solar Capital Partners, LLC oversees listed company Solar Capital Ltd., which is an investment grade yield-oriented Business Development Company (BDC) that invests primarily in senior secured loans and subordinated debt of private middle market companies to generate current income that is distributed to shareholders quarterly across economic cycles. Solar Capital Ltd. collaborates with U.S. middle market businesses across a diversity of industries to provide customized debt financing solutions. Solar Capital Partners LLC, also manages its sister company, listed company Solar Senior Capital, whose focus is to invest primarily in senior secured loans.
On November 11, 2020, Solar Capital Ltd. bought a majority stake in Kingsbridge Holdings LLC from TZP Capital Partners II, LP and its affiliates and the Kingsbridge management team. Law firm Akin Gump advised Solar Capital in the transaction. With the acquisition, Solar Capital will have invested approximately US$ 216 million, in a combination of approximately US$ 136 million of equity and US$ 80 million of debt, to acquire 87.5% of Kingsbridge in partnership with the Kingsbridge management team, which is rolling a portion of their equity ownership as part of the transaction. Kingsbridge was founded in 2006 by the management team and has underwritten over US$ 1 billion of leases since inception.
Lake Forest, Illinois-based Kingsbridge Holdings is an independent lessor of information technology, industrial, healthcare, and commercial essential-use equipment to a diverse set of high credit quality customers.
