Carlyle closes $95 mln funding for moving-and-storage firm Zippy Shell
19/11/2020 11:00
By Chibuike Oguh
Nov 19 (Reuters) - Private equity firm Carlyle Group Inc
CG.O said on Thursday it has completed a $95 million financing
package for Zippy Shell Inc, one of the largest
moving-and-storage service providers in the United States.
Washington, D.C.-based Carlyle said its financing package
consists of a $75 million second-lien term loan and $20 million
in preferred equity.
Zippy Shell, which has a network of more than 71 warehouse
facilities across the country, is owned by buyout firm Virgo
Investment Group LLC. The Wake Forest, North Carolina-based
company was founded in 2009 and merged with 1-800-PACK-RAT,
another moving firm, in 2018.
The company plans to use the financing to make acquisitions,
open more storage locations across cities, invest in its
technology, and expand its fleet of trucks and moving
containers, Zippy Shell Chief Executive Officer Mark Kuhns said.
Carlyle provided the financing for Zippy Shell from its $2.4
billion Credit Opportunities Fund, which was recently used to
back International Creative Management Partners, one of the most
prominent Hollywood talent agencies, in its recent acquisition
of London-based sports management agency Stellar Group. (Link
here https://lta.reuters.com/article/soccer-england-agency-idUKL8N2GZ5CW).
The private equity firm has $53 billion in credit assets
under management.
(Reporting by Chibuike Oguh in New York, Editing by Sherry
Jacob-Phillips)
((Chibuike.Oguh@thomsonreuters.com; +332-219-1834; Reuters
Messaging: chibuike.oguh.thomsonreuters.com@reuters.net))