The Carlyle Group Serves as Joint Lead Arranger, Bookrunner and Second Lien Administrative Agent on $925 Million in Senior Secured Facilities Supporting Kohlberg & Co.’s Acquisition of Parts Authority
NEW YORK – Global investment firm The Carlyle Group (NASDAQ: CG) today announced that its Global Credit platform served as joint lead arranger and bookrunner for $925 million in senior secured credit facilities, including committing to and anchoring a $200 million second lien term loan, to support Kohlberg & Co.’s acquisition of Parts Authority Inc.
Headquartered in Lake Success, New York, Parts Authority is the leading distributor of automotive and truck parts to the automotive aftermarket industry in the U.S. The Company has rapidly grown its footprint to over 200 locations and distributes nearly 500,000 SKUs, primarily serving customers in the do-it-for-me segment, including independent installers, national fleets chains, jobbers, and e-tailers.
Carlyle’s $53 billion Global Credit platform made the investment with capital from its Credit Opportunities Fund, a $2.4 billion fund that closed last year, and its middle market lending platform, Carlyle Direct Lending.
Carlyle’s credit opportunities team focuses on investments in privately negotiated capital solutions primarily for upper middle market borrowers, including both private equity sponsored and family or entrepreneur-owned companies.
Carlyle’s direct lending team focuses on making investments across the capital structure, primarily in private equity sponsor-backed companies, including senior secured loans, unitranche loans and junior debt.
Both strategies seek to benefit from proprietary investment opportunities originating from within Carlyle and the firm’s global resources and operating expertise.
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About Parts Authority Inc.
Parts Authority, founded in 1972, is a leading national distributor of automotive replacement parts, tools/equipment and transmissions. Headquartered in Long Island, New York, Parts Authority is rapidly expanding, and today has more than 200 locations servicing customers in New York, New Jersey, Pennsylvania, Maryland, Washington D.C., Virginia, Ohio, Georgia, Florida, Texas, Arizona, California, Oregon, Washington, Massachusetts, and no Utah. Parts Authority has grown through both organic initiatives and acquisitions. Over the past several years Parts Authority has acquired over a dozen companies as part of its geographical expansion initiative.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $230 billion of assets under management as of September 30, 2020, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,800 people in 30 offices across six continents. Further information is available at www.carlyle.com. Follow The Carlyle Group on Twitter @OneCarlyle.
Carlyle’s $53 billion credit investment platform provides financing solutions that span the credit spectrum: liquid credit, illiquid credit and real assets credit. Since 1999, the group has provided creative solutions for borrowers and delivered attractive risk-adjusted returns for investors by drawing on the deep credit expertise and disciplined underwriting capabilities of our over 160 investment professionals and by leveraging the resources and industry expertise of Carlyle’s global network.
About Kohlberg & Co.
Kohlberg is a leading private equity firm headquartered in Mount Kisco, New York. Since its inception in 1987, Kohlberg has organized nine private equity funds, through which it has raised over $10 billion of committed equity capital. Over its 33-year history, Kohlberg has completed 81 platform investments and approximately 200 add-on acquisitions, with an aggregate transaction value in excess of $25 billion.
The Carlyle Group