Livingstone is pleased to announce it has raised exit financing for Medley Capital Corporation’s (NYSE: MCC) portfolio business URT United Road Towing, Inc. (“URT”). Ares Capital Corporation (NASDAQ: ARCC) provided the exit financing for the transaction.
Livingstone acted as the exclusive financial advisor to Medley Capital Corporation. Terms of the deal were not disclosed. URT United Road Towing, Inc. (“URT” or the “Company”) is the largest national provider of comprehensive vehicle management solutions in the United States.
The Company is a leader in towing, recovery, impound and vehicle management solutions in both the private and public sectors. Headquartered in Chicago, Illinois with operations throughout ten major markets in eight states, URT provides best in class vehicle management solutions to both municipalities and private companies. Livingstone executed a market-clearing financing process and secured a debt structure led by Ares Capital Corporation. The facility allowed URT to exit from bankruptcy, while also providing the necessary liquidity to update URT’s fleet of vehicles.
Tom Lesch, who heads Livingstone’s Debt Advisory practice, commented, “As a firm we have been following URT for some time and felt that we had a great understanding of the business. This institutional knowledge coupled with our daily interactions in the debt markets allowed us to run a comprehensive process in just over 60 days from being engaged by Medley Capital Corporation.”
URT marks Livingstone’s fourth transaction closed with Medley Capital Corporation.
