SBP Completes Refinancing, Extends Credit Facility

No. 25 on ID's Big 50 List, SBP is a group of distribution companies that includes Singer Equities, Bishop Lifting Products and Dakota Fluid Power.

Sbp Holdingsa

SBP Holding L.P., an industrial distribution platform offering a diverse portfolio of highly engineered products and services to a broad range of customers and end markets, together with certain of its subsidiaries, announce Oct. 15 that it has completed a refinancing transaction co-led by Atlantic Park Strategic Capital Fund, L.P. and The Carlyle Group’s Global Credit platform. Carlyle acted as administrative agent. Concurrent with the closing of the transaction, the company also extended the maturity of its existing revolving credit facility to October 2025. Proceeds from the transaction will be used to fully refinance the company’s existing indebtedness and provide the Company with capital to support future growth and acquisitions.

SBP — No. 25 on Industrial Distribution's 2020 Big 50 List — was formed in 2012 in conjunction with Singer Equities’ acquisition of Bishop Lifting Products. Since 2012, SBP has completed over 25 acquisitions and has transformed into a national platform. SBP had 2019 sales of $548 million.

“We’re extremely excited to partner with Atlantic Park and Carlyle during this next chapter of growth,” said Michael Geist, Chief Financial Officer. “The facility supports our strong balance sheet and financial position. Importantly, the structure also provides additional flexibility and, with the further support of our majority owner AEA Investors, enables SBP to be well-positioned to continue executing our growth strategies as global economies recover.”

Jefferies LLC acted as sole financial advisor to SBP and Fried, Frank, Harris, Shriver & Jacobson LLP as its legal advisor. Davis Polk & Wardwell LLP and Kirkland & Ellis LLP served as legal advisors to Atlantic Park and Carlyle, respectively.

Financial details were not disclosed.

Singer Equities, Bishop Lifting Products and Dakota Fluid Power are wholly owned subsidiaries of SBP Holdings, headquartered in Houston, TX and through its 92 locations provides industrial rubber, wire rope, rigging, fluid power products and services to a broad range of industrial markets throughout North America.

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