Lincoln International represents The Berry Family of Nurseries, a portfolio company of Insight Equity Holdings LLC, in a $140.0 million refinancing transaction
Lincoln International, a leading global investment bank focused on the mid-market, has announced the successful completion of a financing for The Berry Family of Nurseries (“Berry” or the “Company”), a portfolio company of Insight Equity Holdings LLC (“Insight”). Berry is the nation’s largest wholesale grower and distributor of container grown ornamental shrubs, trees, perennials, roses and groundcovers.
Lincoln International acted as exclusive financial advisor to the Company and Insight and completed the placement of $140.0 million of committed senior and junior debt. Proceeds from the transaction were used to repay the Company’s existing debt and provide for the Company’s continued working capital needs. The credit facility is led by PNC Business Credit, with HSBC Bank, BB&T Commercial Finance and NewStar Business Credit holding participation interests in the facility.
As the Company’s exclusive financial advisor, Lincoln International worked closely with the Company’s senior management team, as well as Insight, on all aspects of the transaction, helping to structure, arrange and negotiate the financing. Eliot Kerlin, a Partner at Insight, stated, “We were able to leverage Lincoln’s deep market knowledge to obtain a financing solution that allowed our portfolio company to replace its previous bank group with lenders that have the capacity to fund the Company’s growth. Lincoln’s assistance also enabled the Company to close the transaction in an expedited manner and allowed Berry’s management team to remain focused on managing the business during its busiest season.”
Ron Kahn, Managing Director and co-head of Lincoln’s Debt Advisory Group, added, “The Berry transaction is an excellent example of Lincoln’s ability to deliver optimal financing solutions in a relatively short timeframe. From approaching lenders to closing the financing, the process took only 10 weeks.”
About The Berry Family of Nurseries
The Berry Family of Nurseries is a wholesale grower of perennial and woody ornamental plants. The Berry Family of Nurseries serves both big box retail stores and independent nurseries from growing facilities in Oklahoma, Florida, Michigan, North Carolina, Tennessee and Oregon. The Company is headquartered in Irving, Texas. For additional information on Berry, please visit www.berrynurseries.com.
About Insight Equity
Insight Equity Holdings LLC makes control investments in underperforming middle market companies with sustainable competitive advantages. Through its team of senior professionals, each of whom has a combination of extensive operating, strategic consulting and finance experience, Insight works collaboratively with its portfolio companies’ management teams to identify and implement initiatives that maximize value for the company. Insight has a long-term investment horizon, creating value through operational improvements rather than excessive financial leverage. Please visit www.insightequity.com to learn more about the firm.
About Lincoln International
Lincoln International specializes in merger and acquisition advisory services, debt advisory services, private capital raising and restructuring advice on mid-market transactions. Lincoln International also provides fairness opinions, valuations and pension advisory services on a wide range of transaction sizes. With twelve offices (three in the Americas, two in Asia, and seven in Europe) and strategic partnerships with leading institutions in China and Korea, Lincoln International has strong local knowledge and contacts in the key global economies. The firm provides clients with senior-level attention, in-depth industry expertise and integrated resources. By being focused and independent, Lincoln International serves its clients without conflicts of interest. More information about Lincoln International can be obtained at www.lincolninternational.com.
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