Leading Mezzanine Firm Provides Debt Financing To Support Growing Middle Market Company
Praesidian Capital, a leading provider of mezzanine debt to middle market companies, has provided senior secured debt to support the equity and growth capital investments in National Truck Protection Company, Inc. (“NTP”) by Palladian Capital Partners and NTP Management.
NTP is the largest independent used heavy duty truck inspection and warranty provider in North America. Headquartered in Carlstadt, NJ, NTP provides used truck buyers including owner-operators, fleet owners and dealerships with a “one-stop shop” for warranties and is the only provider to offer “wear-out” protection for working parts (parts contributing to oil consumption) and performance complaints, while providing uncapped mileage and repair payouts. NTP also owns Dover Diesel Service, Inc., a provider of repair, inspection and rebuilding services for diesel engines.
“This is a strike zone investment for us in that it is a historically profitable company with a strong, experienced and committed management team in an industry with favorable dynamics,” said Neil Marks, Managing Partner at Praesidian. “With the support of Praesidian and Palladian, we believe the prospects for NTP’s differentiated and premium range of products are extremely promising.”
“NTP’s reputation as the largest premier provider of warranties to owner-operators, OEM’s and dealerships and fleet owners is well-deserved,” said Carl D. Glaeser, partner at Palladian Capital Partners. “Th extensive grass roots’ engine repair knowledge and experience of NTP’s senior management, led by founder Vincent Anselmo, developed by operating its own diesel engine testing and repair facility, provides a knowlege bases that truly sets apart in the marketplace.”
Since the close of its debut fund in February 2005 on $157 million, Praesidian has established a strategy of providing mezzanine capital to historically profitable middle market companies with talented management teams throughout the United States. The firm has invested in fifteen separate companies and has completed five add-on investments in existing portfolio companies.
About Praesidian Capital
Praesidian provides mezzanine debt to middle market companies. The firm provides capital for established, historically profitable companies, as well as for management/leveraged buyouts, recapitalizations and refinancings. Investments are focused on successful businesses in the manufacturing, distribution and service sectors, although the firm’s approach is not driven by an industry focus. For more information, visit www.praesidian.com
About National Truck Protection Company, Inc.
Founded in 1984 and headquartered in Carlstadt, NJ, NTP is the largest independent domestic provider of engine and transmission warranties for used heavy duty trucks. The Company markets its primary offering, extended warranties, through regional truck dealerships which sell NTP’s inspection and warranty coverage to their customers. NTP also owns Dover Diesel Service, Inc. (“DDS”), a truck repair shop which provides repair and rebuild service for diesel engines. For more information, please visit www.nationaltruckprot.com
About Palladian Capital Partners
Palladian Capital Partners, led by experienced private equity professionals and operating executives, makes control or near-control equity investments in established companies. Palladian’s investment strategy is to work with existing management teams to accelerate growth and enhance the value of a business by providing capital, marketing expertise, operating refinements, access to acquisition opportunities and other resources that may not have previously been available. Investment criteria include: companies that are cash flow positive, have been operating for at least three years and have current annual revenues in excess of $10 million and EBITDA of $2 million. Industry focus areas include business services, software, technology and technology services, business process outsourcing (BPO), transaction services, value added distribution, niche or specialty manufacturing and selected consumer products. For more information, please visit www.palladiancap.com
Media Contact: Dan Jacobs
Broadgate Consultants, LLC
Phone: 212 232 2227