New York, October 19, 2021 – Behrman Capital, a private equity investment firm based in…
New York, April 15, 2014 — Behrman Capital, a private equity investment firm based in New York and San Francisco, announced today that it has completed a $570 million recapitalization for Pelican Products, Inc., the global leader in the design and manufacture of high‐performance protective case solutions and advanced portable lighting systems. Since acquiring Pelican, Behrman Capital and management have together completed several successful add‐on acquisitions for the company, including, most recently, Minnesota Thermal Science in 2013 and Cool Logistics in 2014.
The recapitalization is comprised of a $365 million first‐lien term loan, a $175 million second‐lien term loan, and a $30 million revolving credit facility, which was unfunded at close. Credit Suisse and Morgan Stanley acted as syndication agents and co‐bookrunners on the transaction, and Credit Suisse was the administrative agent. Proceeds from the credit facilities were used to repay existing debt and accrued interest, pay fees and expenses, and pay a cash dividend to shareholders.
Grant G. Behrman, Managing Partner of Behrman Capital, said, “We are very pleased to have completed this recapitalization, which allowed us to return capital to shareholders, significantly lower Pelican’s interest rate, and substantially increase the company’s financial flexibility. The highly successful syndication reflects the strong credit profile that we have created in partnership with CEO Lyndon Faulkner and the entire Pelican team. The company continues to build market share in its core products while diversifying its business, domestically and internationally, through a combination of organic growth and strategic acquisitions.”
Latham & Watkins LLP acted as legal advisor to Behrman Capital for the transaction.
About Pelican Products, Inc.
Pelican Products, Inc. is the global leader in design and manufacture of both high‐performance case solutions and advanced portable lighting systems. Their products are used by professionals in the most demanding markets including firefighters, police, defense / military, aerospace, entertainment, industrial and consumer. Pelican™ products are designed and built to last a lifetime. The company operates in 19 countries, with 27 offices and 6 manufacturing facilities across the globe. For more information, visit www.Pelican.com.
About Behrman Capital
Based in New York City and San Francisco, Behrman Capital was founded in 1991 by Grant G. and Darryl G. Behrman. The firm invests in management buyouts, leveraged buildups and recapitalizations of established growth businesses. The company’s investments are primarily focused in four industries: health care, specialty manufacturing, business to business outsourcing and defense. The firm has raised five funds with a combined capital base in excess of $3.0 billion. For more information, please visit www.behrmancap.com.
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