The Brock Group hit up Bank of America and JPMorgan last week for $381 million in funds to back its acquisition of XServ from private equity group Mezzanine Management. Based in Houston, XServ sets up and dismantles scaffolding, insulation and coating.
The deal, launched last Thursday, comprises a $16 million revolver and a $365 million "B" term loan. Price talk is LIBOR plus 2 1/2%. Terms of the acquisition were not disclosed.
The acquisition is being funded by the new credit as well as an equity commitment from New York-based investment partnership Lindsay Goldberg & Bessemer, the owner of Brock, and the Brock family. LG&B acquired a majority ownership position in the Beaumont, Texas-based provider of industrial maintenance services in June. Brock entered into a $25 million revolver and $157 million term loan with B of A in September, according to Markit data. The term loan is priced at LIBOR plus 2 1/2%.
Calls to spokesmen for Brock and XServ were not returned. Calls to officials for Mezzanine Management and Lindsay Goldberg were also not returned.