NEW YORK, Jan. 31, 2019 /PRNewswire/ -- Medley Management Inc. (NYSE: MDLY, "Medley"), today announced that it provided a senior secured credit facility to support the acquisition of ABC Fire and Cylinder Service ("ABC Fire") by Summit Companies ("Summit"), a CI Capital Partners portfolio company.
ABC Fire is a commercial, residential, and industrial fire prevention specialist with operations in Reno and Las Vegas. The acquisition represents a strategic geographic expansion of Summit's existing fire protection, life safety, and consulting business. Summit has locations in Arizona, Iowa, Michigan, Minnesota, Nebraska, Nevada, North Dakota, Texas, and Wisconsin, and provides its services across the United States.
"Medley was a great partner in this transaction and delivered the financing we required with speed and certainty," said Timothy Hall, a Partner with CI Capital Partners. "We look forward to continuing to work together to support Summit Companies' continued success."
"We are delighted to support CI Capital Partners and Summit by providing a flexible financing solution for this acquisition," said Brian Dohmen, Head of Direct Lending & Origination at Medley.
Medley is an alternative asset management firm offering yield solutions to retail and institutional investors. Medley's national direct origination franchise is a premier provider of capital to the middle market in the U.S. Medley has $4.8 billion of assets under management in two business development companies, Medley Capital Corporation (NYSE: MCC) (TASE: MCC) and Sierra Income Corporation, a credit interval fund, Sierra Total Return Fund (NASDAQ: SRNTX) and several private investment vehicles. Over the past 15 years, we have provided capital to over 400 companies across 35 industries in North America.1
Medley LLC, the operating company of Medley Management Inc., has outstanding bonds which trade on the New York Stock Exchange under the symbols (NYSE: MDLX) and (NYSE: MDLQ). Medley Capital Corporation is dual-listed on the New York Stock Exchange (NYSE: MCC) and the Tel Aviv Stock Exchange (TASE: MCC) and has outstanding bonds which trade on both the New York Stock Exchange under the symbols (NYSE: MCV), (NYSE: MCX) and the Tel Aviv Stock Exchange under the symbol (TASE: MCC.B1).
Investor Relations Contact:
Head of Capital Markets & Risk Management
Medley Management Inc.
Jonathan Gasthalter/Nathaniel Garnick
Gasthalter & Co.
1 Medley Management Inc. is the parent company of Medley LLC and several registered investment advisors (collectively, "Medley"). Assets under management refers to assets of our funds, which represents the sum of the net asset value of such funds, the drawn and undrawn debt (at the fund level, including amounts subject to restrictions) and uncalled committed capital (including commitments to funds that have yet to commence their investment periods). Assets under management are as of September 30, 2018.
SOURCE Medley Management Inc.