PNC Recaps Griffith Energy
Speaking of dividend recaps. PNC Equity Partners has taken a recap on portfolio company Griffith Energy to the tune of 1.5x its investment, according to a source familiar with the situation. Manufacturers and Traders Trust Company led the arrangement of the senior debt facility. JPMorgan, HSBC and TriState Capital Bank also participated. The deal leaves the company with slightly debt than before, very roughly in the range of a 2x debt to Ebitda ratio. PNC purchased Griffith Energy, a New York-based propane and heating oil distributor, five years ago. Between then and now the firm has worked to upgrade IT infrastructure, integrate several tuck-in acquisitions, and change the pay structure for drivers and consolidate the company’s field office locations.
