Franklin Square Provides $150M Secured Financing to Latham Pool Products
Franklin Square Capital Partners has originated a $150 million first lien secured term loan to Latham Pool Products Inc. Latham is a portfolio company of Littlejohn & Co., a Greenwich, CT based private equity investment firm focused on the middle market.
The financing was provided by FS Investment Corp., FS Investment Corp. II and FS Investment Corp. III, business development companies managed by affiliates of Franklin Square and sub-advised by GSO / Blackstone Debt Funds Management LLC, an affiliate of GSO Capital Partners LP.
According to Brad Marshall, senior managing director and senior portfolio manager at GSO / Blackstone Debt Funds Management, “Latham has both a diversified product portfolio and a strong presence in the North American pool industry. With its extensive operating footprint and its history of successful growth, we believe Latham is poised for continued success.”
“The scale of our platform allows us to provide customized credit solutions to market leading companies like Latham,” says Michael C. Forman, chairman and chief executive officer of FSIC, FSIC II and FSIC III. “We are pleased to work with Littlejohn and look forward to supporting Latham’s continued growth.”
Mark Laven, chairman and chief executive officer of Latham Pool Products, adds that “Franklin Square and GSO provided a single source of financing for our company. With financial backing from Franklin Square and GSO and the continued support of Littlejohn, Latham is in a strong position to continue to serve our clients.”
FSIC II and FSIC III are publicly registered, non-traded business development companies sponsored by Franklin Square. FSIC II and FSIC III focus primarily on investing in the debt securities of private companies throughout the United States, with the investment objectives of generating current income and, to a lesser extent, long-term capital appreciation for their investors. FSIC II and FSIC III are advised by affiliates of Franklin Square and are sub-advised by GSO / Blackstone Debt Funds.
In other recent news, Franklin Square FSIC listing communication campaign was recently recognized in two major awards in the industry, as the DI Wire previously reported. The first was an award from the 13th Annual Gramercy Institute Financial Marketing Strategy Awards. The firm was also recently named as a finalist in the Alternatives Asset Manager category for the WealthManagement.com 2015 Industry Awards for the FSIC listing communication campaign.
