Franklin Square Capital Partners has provided a USD150 million first lien secured term loan to Latham Pool Products, a manufacturer of in-ground residential swimming pools and components.
Latham is a portfolio company of Littlejohn & Company (Littlejohn), a Greenwich, CT based private equity investment firm focused on the middle market. The financing was provided by FS Investment Corporation (NYSE: FSIC), FS Investment Corporation II (FSIC II) and FS Investment Corporation III (FSIC III), BDCs managed by affiliates of Franklin Square and sub-advised by GSO / Blackstone Debt Funds Management LLC (GDFM), an affiliate of GSO Capital Partners LP (GSO).
Founded as a family business in 1956 and headquartered in Latham, NY, the company manufactures fibreglass pools, automatic safety covers, winter safety covers, packaged pool components and in-ground vinyl liners. Latham serves over 4,000 customer accounts and operates a network of 21 manufacturing facilities in the United States and Canada.
"The scale of our platform allows us to provide customised credit solutions to market leading companies like Latham," says Michael C Forman, Chairman and Chief Executive Officer of FSIC, FSIC II and FSIC III. "We are pleased to work with Littlejohn and look forward to supporting Latham's continued growth."
"Latham has both a diversified product portfolio and a strong presence in the North American pool industry," says Brad Marshall, Senior Managing Director and Senior Portfolio Manager at GDFM. "With its extensive operating footprint and its history of successful growth, we believe Latham is poised for continued success."
"Franklin Square and GSO provided a single source of financing for our company," says Mark Laven (pictured), Chairman and Chief Executive Officer of Latham Pool Products, Inc. "With financial backing from Franklin Square and GSO and the continued support of Littlejohn, Latham is in a strong position to continue to serve our clients."
