THL Credit Closes Four Investments

/ Source: GlobeNewswire

BOSTON, May 26, 2011 (GLOBE NEWSWIRE) -- THL Credit, Inc. (Nasdaq:TCRD) ("THL Credit") today announced that it recently participated in two new financing transactions: the acquisition of Firebirds International LLC ("Firebirds") by Angelo, Gordon & Co., and the refinancing of Chuy's Opco, Inc. ("Chuy's"). THL Credit also recently completed two follow-on investments in existing portfolio companies, OEM Group, Inc. ("OEM") and Surgery Center Holdings, Inc. ("Surgery"), in each case to fund acquisitions. THL Credit participated in each transaction together with its managed fund, THL Credit Greenway Fund LLC.


THL Credit provided financing to Firebirds, an upscale, casual dining concept that serves high-quality American cuisine in 18 restaurants located across the U.S. Proceeds of the transaction were used to help fund the acquisition of Firebirds by the Private Equity Group of Angelo, Gordon & Co.

"It is clear to us that Firebirds offers a superior value proposition to its customers through a unique dining experience. With locations throughout the United States, Firebirds is well-positioned for future growth. We are pleased to provide financing for this transaction," said Kunal Soni, Managing Director of THL Credit.


THL Credit provided capital to Chuy's, a Tex-Mex restaurant concept headquartered in Austin, Texas, with locations across Texas and the Southeastern region of the U.S.  Chuy's is a portfolio company of Goode Partners LLC. THL Credit participated in this transaction, which was led by Golub Capital, along with GE Capital, Franchise Finance.

"Chuy's offers customers a strong value, providing fresh, authentic Mexican cuisine at an affordable price. All Chuy's restaurants support the company's unique, lively culture and are considered to be iconic institutions in their markets. We are pleased to be able to support the company's continued growth," said Sam Tillinghast, Co-President of THL Credit.


THL Credit provided follow-on capital to OEM, a global provider of capital equipment solutions to worldwide makers of silicon devices, as well as other emerging applications. Proceeds of the transaction were used to help fund the acquisition of Rhetech and Semitool Austria GmbH manual batch tool sales and service operations from Applied Materials, Inc. and its subsidiary, Semitool, Inc.

"When we initially partnered with OEM, we recognized a strong value proposition not only in the organic growth of the business but also in management's ability to opportunistically identify and execute strategic acquisitions of additional product lines and intellectual property. The addition of these product lines will only further enhance OEM's global footprint and provide greater depth to the company's product and service portfolio," said Kunal Soni, Managing Director of THL Credit.

THL Credit provided capital to Surgery, a leading manager of ambulatory surgery centers (ASCs) to finance the acquisition of NovaMed, Inc. Surgery is a portfolio company of H.I.G. Capital, LLC, a leading global private equity firm.

"The combination of Surgery and NovaMed will create a leading player in the industry with an optimal specialty mix and exceptional geographic footprint. We are excited to contribute to this transaction, which will create value for Surgery and its shareholders," said Chris Flynn, Managing Director of THL Credit.

About THL Credit

THL Credit is an externally-managed, non-diversified closed-end management investment company that has elected to be treated as a business development company (BDC) under the Investment Company Act of 1940.  THL Credit's investment objective is to generate both current income and capital appreciation, primarily through investments in privately negotiated debt and equity securities of middle market companies. THL Credit is headquartered in Boston, with additional investment teams in Los Angeles and Houston.  THL Credit invests primarily in private subordinated debt, or mezzanine debt, in middle market companies with annual revenues of between $25 million and $500 million that require capital for growth and acquisitions.  Such investments in many cases include an associated equity component such as warrants, preferred stock or other similar securities.  THL Credit's investment activities are managed by THL Credit Advisors LLC, an investment adviser registered under the Investment Advisers Act of 1940.

CONTACT: Investor Contact: THL Credit, Inc. Terrence W. Olson COO & CFO 617-946-2682 Media Contact: Sard Verbinnen & Co Michael Henson 212-687-8080