WASHINGTON — Allied Capital Corp., a Washington, DC-based business development firm has invested $127 million to finance a management-led recapitalization of Meineke Car Care Centers, Inc.
Allied Capital’s investment took the form of senior debt, second lien debt, subordinated notes and non-voting common equity. Management re-invested a significant portion of its equity ownership in the transaction.
Commenting on the announcment, Meineke CEO Ken Walker said, “We have chosen Allied Capital to be our partner in this management-led recapitalization because of its flexible structuring, its strong partnership philosophy and its long track record of successfully investing in middle market companies. We look forward to continuing to manage and grow our business with Allied Capital’s support.”
Meineke currently has more than 900 service locations in 47 states. The company expects to service more than 2.2 million cars this year.
For more information about Meineke, go to: www.meineke.com.
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