Crown Partners Arranges $75 Million
Senior Debt Facility for HOP Energy
Crown Partners LP announced that HOP Energy, LLC, (“HOP”), a portfolio company of Delos Capital, has closed on a $75 million senior debt facility. Crown Partners served as exclusive financial advisor to HOP in connection with this transaction.
Headquartered in White Plains, NY, HOP is a market‐leading home services provider, delivering heating distillates and performing installation and services of HVAC, heat pumps, and other critical home systems. HOP serves 90,000 customers across 9 states from a strategically located asset base, which includes 11 storage facilities, 21 branch locations, and two call centers. The Company is one of the largest distributors, installers, and service providers of Mitsubishi mini‐split HVAC and heat pump systems in the United States.
The Company has pursued a strategy of active consolidation, serving as the acquiror of choice to numerous fuel distributors in its market, while also greatly expanding its services and installation revenue organically and via acquisition. The new credit facility, which closed on December 21, 2022, provides the Company with increased capital to support its continued growth.
““We congratulate the full team at HOP for their successful outcome and wish them all the best in continuing to grow their franchise throughout the Northeast and Mid-Atlantic. HOP’s successful execution in the debt market demonstrates that there remains extremely strong demand among senior financing sources to provide asset-based facilities to well-managed middle-market companies.
At a time when liquidity and financial flexibility are at a premium, we are seeing increasing demand among middle-market sponsors to maximize their working capital availability. Crown’s significant expertise in this area and our relentless pursuit of our client’s objectives allow us to continue to deliver high-impact solutions.””
Since its launch in 2020, Crown Partners has established itself as a premiere advisor serving middle-market companies seeking an asset-based lending solution. The firm’s specialization within asset-based lending honed over several decades focused on the niche as investor, operator, and capital markets advisor providing it with unparalleled understanding and execution on behalf of its clients. Crown Partners serves private equity firms and entrepreneurial founders seeking to optimize their capital structure, liquidity, and financial flexibility.
““The team at Crown did a fantastic job in helping the Company navigate an efficient process for a complex ABL on an extremely short timeline, which resulted in a financing solution for the Company that exceeded our expectations. We are pleased to have new partners and additional capital to support our aggressive plans to grow the Company in the coming years.””
About Crown PartnerS
Crown Partners combines expertise in debt capital transactions and deep relationships across the direct lending marketplace to deliver solutions to middle-market companies. Crown’s principals have facilitated in excess of $5.5 billion of transactions across 450+ borrowers, representing over 75 years of aggregate track record.
About DELOS CAPITAL
Delos Capital is a lower middle-market private equity firm specializing in management buyouts, recapitalizations, and growth investments. For more information, visit: www.deloscap.com.