UK law firm Shepherd and Wedderburn has acted for Safestay in its GBP18.4 million debt restructuring and refinancing with HSBC.   The Shepherd and Wedderburn team also acted for the group in completing sale and leaseback transactions on Safestay’s hostels in Edinburgh and London’s Elephant & Castle.    Those transactions raised gross cash proceeds of GBP12.6 million.   Safestay is best known as a provider of premium affordable tourist accommodation in city centre hostels across Europe.   Scott Ritchie, partner in Shepherd and Wedderburn’s real estate team, says: “The combined drive and ambition of Safestay is truly impressive, and we are delighted

PNC Bank has closed a USD37 million senior secured credit facility for Derby Fabricating Solutions, a portfolio company of Prophet Equity Management.   PNC Capital Markets led the syndication as sole lead arranger, with PNC Bank serving as administrative agent. Steel City Capital Funding, a division of PNC Bank, provided a portion of the financing.   Based in Louisville, Kentucky, Derby Fabricating Solutions is a converter and fabricator of foam and other non-metallic sealing, noise vibration and harshness abatement components primarily servicing North American automotive suppliers.   Derby will use the funds, in part, for its acquisition by Prophet, and to

Monroe Capital has acted as sole lead arranger and administrative agent on the funding of a USD28 million senior credit facility to support the merger of two consumer products research companies.   The merger will form the leading consumer products and testing research company in its industry.   The combined company will offer recruiting panellists for research studies, designing and administering tests, collecting all relevant data and analysing data for large blue-chip customers.

Noerr has advised Anschutz Entertainment Group in setting up a strategic partnership in the German cycling market.   Together with the Amaury Sport Organisation, it intends to revive the most important German stage race in road cycling, the Deutschland Tour.   The goal of the joint venture is sustainable development of cycling in Germany.   This means the return of the Deutschland Tour in August 2018 and the further development of the classic Eschborn-Frankfurt cycling race.   The Anschutz Entertainment Group has been active in the German market for more than a decade – its portfolio includes the German premier

Harvest Partners, a New York-based private equity firm, and Varsity Healthcare Partners (VHP) have completed a recapitalisation of EyeCare Services Partners (ESP). Harvest has acquired Varsity’s majority ownership interest in the company.   The company’s management team, led by CEO Michael Fricke and other doctor shareholders, will continue to lead ESP, and will retain a significant stake in the company. Additional terms of the transaction have not been disclosed.   Based in Dallas, Texas, ESP is the nation’s largest vertically integrated ophthalmologic services company. ESP’s affiliated ophthalmologists and optometrists serve communities in California, Colorado, Delaware, Illinois, and Maryland. Since its

Tikehau IM has led a EUR60 million unitranche to support the recapitalisation of Terratest, an international provider of geotechnical engineering and foundations solutions.   Founded in 1959 in Spain, Terratest provides foundation work, ground improvement and micro-tunnelling services for large-scale international infrastructure projects, industrial, commercial and residential construction.   Los Angeles-based Platinum Equity acquired a majority interest in Terratest in 2014.   After pursuing a repositioning of the business, Terratest has become a growing international operator in its sector, with activities in more than 25 countries worldwide.   Tikehau IM acted as sole arranger of the EUR60 million unitranche transaction.

Independent Growth Finance (IGF), a commercial finance provider for SMEs, has delivered a GBP650,000 facility to European Packaging Distributors (EPD), made up of a GBP500,000 invoice finance and a GBP150,000 revolving cashflow facility.   EPD sought a new finance partner as the incumbent financier was unable to offer the facilities to maintain its cashflow and allow the firm to purchase increased levels of stock from overseas suppliers.   Longer term, the funding has allowed the business to support its growth and free up additional funds for its expansion, starting with the hire of two new recruits since the facility was

L Squared Capital Partners, together with Longview Asset Management, has partnered with Oracle management to recapitalise the company.   Financial terms of the transaction have not been disclosed.   Oracle represents L Squared’s sixth platform investment over the last three years. Founded in 2004 with 22 branch locations across 13 states, Oracle is the largest independent provider of elevator maintenance, repair, and modernisation services across all major brands of equipment. L Squared’s investment provides a long-term capital base to support the company’s national expansion strategy through both de novo branches and acquisitions.   “Oracle is pleased to partner with the

Finance platform Lendable has secured a USD550,000 debt financing for Raj Ushanga House (RUH), the Kenya distributor for Azuri Technologies, a provider of pay-as-you-go (PayGo) solar energy solutions. Using a data driven “receivables financing” solution, capital is secured by future customer revenues from a portfolio of over 7,000 RUH PayGo solar customer contracts, and is the first such financing by Lendable for a PayGo energy company.   Raju Haria, CEO of Raj Ushanga House, says: “The debt financing from Lendable marks an exciting chapter for RUH. It enables us to reach more customers and finance their ownership of these assets.

CVC Credit Partners’ US middle market private debt business acted as administrative agent on a first lien senior secured debt facility provided to Wastewater Specialities (WWS).  The proceeds were used to refinance existing debt and support future growth through equipment purchases.    Headquartered in Lake Charles, Louisiana and employing over 300 people, WWS is a provider of industrial and specialty cleaning services to over 500 industrial, marine, oilfield and commercial customers. The company was acquired in December 2014 by Polus Capital and management.     David Rous, managing director in CVC Credit Partners’ private debt business, says: “We are delighted to