LBC Small Cap helps the acquisition of Mosquito Authority by Susquehanna Non-public Capital – Information
LBC Small Cap, a subsidiary of LBC Credit Partners, provided a senior secured credit facility and equity investment to facilitate the acquisition of Authority Franchise Systems, LLC (“Mosquito Authority” or the “Company” by Susquehanna Private Capital, LLC (“SPC “) to support “).
LBC acted as the agent and sole lead arranger for the senior secured credit facility.
The North Carolina-based Mosquito Authority is a franchisor for mosquito, pest, and tick control in the United States, Puerto Rico, and Canada. Mosquito Authority was founded in 2002 and has grown to over 150 franchises. The company also owns and operates the Pest Authority, which provides commercial and residential services for ticks, bed bugs, and termites.
“We are excited to partner with SPC and Mosquito Authority on this investment,” said Don Rice, partner at LBC Small Cap. “Mosquito Authority is a compelling franchise concept that provides critical home services with a significant runway for potential growth.”
SPC, funded by the founders of Susquehanna International Group, LLP – one of the world’s largest private financial services companies – was founded in 2016. With a flexible capital structure, SPC enables founders, entrepreneurs and operators to build companies with lasting value. SPC is aimed at US companies in the business, consumer and franchise services, healthcare and industrial technology sectors with an EBITDA of 3 to 15 million US dollars.
LBC Small Cap has partnered with Modern Bank to provide the Mosquito Authority with the senior secured credit facility.
Modern Bank provides cash flow-based senior debt and unitranche finance from private equity, independent sponsors, and entrepreneur-supported companies in the lower and mid-market. They have a long history of providing bespoke solutions to support buyouts / acquisitions, recapitalizations, refinancing and growth capital for companies across a variety of industries including manufacturing, sales, business services, logistics and healthcare.
Modern Bank, NA is an FDIC insured bank and equal living lender.