Livingstone’s Debt Advisory team has advised on the successful refinancing for Taylored Services, a portfolio company of Saybrook Corporate Opportunity Funds. MB Financial Bank N.A. provided the senior financing, along with Siguler Guff & Company, which provided the mezzanine tranche of debt capital.
Taylored Services is a top 100 fully-integrated third-party logistics (“3PL”) provider specialising in wholesale, retail, and direct to consumer fulfilment. Founded in 1990, Taylored Services has grown to operate approximately 1.3 million square feet of distribution space strategically located near the ports of Los Angeles and New York/New Jersey.
Since Saybrook Capital’s 2012 investment in Taylored Services, Saybrook has positioned the Company for growth, particularly within the retail and wholesale segments.
Mike Yusko, Taylored Services’ Chief Financial Officer, shared: “Our new capital providers put us in a position where we can now look to further expand our brand and reach with a lower cost of capital.”
Said Al-Alaoui, Principal at Saybrook, added: “Livingstone’s knowledge of, and experience in the 3PL space, was critical to selecting Livingstone as our adviser. Throughout the process, Livingstone’s insight helped us find supportive capital partners and structure a favourable deal, allowing Taylored to capitalise on Saybrook’s long-term plans for this investment.”
“The Taylored deal allowed us to build on our experience in the 3PL space, while also expanding our relationship with Saybrook Corporate Opportunity Funds,” commented Tom Lesch, Partner at Livingstone. “We are very pleased with the outcome as both MB and Siguler Guff had relevant experience in the space and a great understanding of the nuances of true senior/junior credit structure. Matching these two credit partners allowed for a seamless execution.”
The completion of this transaction follows the capital raise for RFE Partners portfolio company Hastings Manufacturing Company, and the refinancing of Rotunda Capital Partners logistics portfolio company <a ” href=”http://livingstonepartners.com/uk/insights/it-services-tzp-group-sale/”>Amware Logistics – further reinforcing Livingstone as advisers of choice for financial sponsors seeking debt financing.