Industrials | Debt & Equity Recapitalizations, Mergers & Acquisitions

DiversiTech Completes Leveraged Recapitalization

  • TM Capital represented DiversiTech Corporation in a management-led leveraged recapitalization which included the repurchase of certain equity interests and a refinancing of existing indebtedness
  • TM advised DiversiTech in negotiating the redemption of certain preferred interests from institutional investors pursuant to put/call rights put in place in connection with a prior recapitalization
  • TM served as placement agent for DiversiTech with respect to $12 million of Senior Subordinated Notes purchased by Pennant Park Investment Corporation (Nasdaq:PNNT)
  • TM also represented DiversiTech in negotiating, structuring and closing $46.5 million of Senior Secured Credit Facilities with Regions Bank and a $5.0 million Sale Leaseback Facility with GE Capital
  • DiversiTech Corporation is a leading manufacturer and marketer of parts, supplies and accessories used in the repair, maintenance and installation of HVACR systems

Client Testimonial

Twice DiversiTech has conducted a process requiring the expertise of investment bankers. In each case, we were determined to retain the very best. After spreading a wide net, including interviews and other exhaustive vetting processes, we selected TM Capital. In our most recent process, our TM team performed at a level well beyond our expectations. They worked diligently and brilliantly to achieve the objectives that we sought. Our transaction had numerous moving pieces, many of which took surprising turns. As new situations arose, we could count on calm, reassuring advice from TM followed closely by a well-thought through action plan expertly implemented. In my nearly 50 years of business experience, I have never had the opportunity of working with a professional firm with the extraordinary degree of expertise, energy, ethical comportment, and reliability than I have experienced with TM. I am grateful that we chose them to advise us in our recapitalization.”
Charles Lipman, Chairman, DiversiTech Corporation