Accord Financial’s U.S. asset-based lending team closed a $14 million credit facility to support the acquisition of a regional waste management company by a private investment firm. The facility consists of a $5 million revolving accounts receivable facility and a $9 million machinery and equipment term loan.
The private investment firm acquired the business out of bankruptcy and has several other operating platforms in the waste management space. When not focused on waste management, it invests debt and equity capital in lower middle-market companies across multiple industry segments through both traditional sales processes as well as special situations.
“Accord is proud and excited to have been able to provide this acquisition financing to an independent sponsor with deep industry knowledge and an experienced management team,” Jim Hogan, president of U.S. asset-based lending for Accord Financial, said. “This transaction exemplifies Accord’s long-standing commitment to the independent sponsor community, where for over 20 years [we] have been providing flexible, simple solutions, whether it be a term-heavy ABL facility as we provided here, or a straightforward factoring solution.”
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