NEW YORK–(BUSINESS WIRE)–Audax Private Debt (“Audax”), based in New York, announced today that, as Administrative Agent and Joint Lead Arranger, it provided a senior secured credit facility to support Cortec Group Fund VII, L.P., an affiliate of Cortec Group (“Cortec”), in its growth capital investment in A1 Garage Door Service Holdings, Inc. (“A1” or the “Company”) in partnership with A1’s CEO and management.
Headquartered in Phoenix, Arizona and serving 25 markets across the U.S., A1 is a market leader in the direct-to-consumer residential repair and replacement garage door services industry. The Company has grown rapidly, both organically and through acquisitions, since its founding in 2007. Today, A1 is one of the largest and most reputable residential garage door service providers in the country.
“A1 has established itself as a leading residential services platform,” said Dan Horan, Managing Director at Audax Private Debt. “The Company’s management has driven impressive growth, adding more than 20 greenfield locations and completing several acquisitions in the past five years, while maintaining the highest standards of customer service. Given their deep experience in residential and consumer services, Cortec is the perfect partner to guide the Company through its next stage of growth.”
“We are excited to partner with Audax Private Debt on this investment,” said Will Keesler, Managing Director at Cortec. “Audax has been a knowledgeable and collaborative financing partner throughout the process. We are looking forward to working alongside the Audax team as the Company continues to expand its footprint and deliver best-in-class services to customers nationwide.”
A1 is a leading provider of residential repair and replacement garage door services across the U.S. Founded in 2007, A1 has established a reputation for providing the highest quality customer service available in its 25 markets. More information about A1 can be found at www.a1garage.com.
About Audax Private Debt
Based in New York, Audax Private Debt is a leading debt capital partner for North American middle market companies. Since its inception in 2000, Audax Private Debt has invested over $33 billion across more than 1,090 companies in support of over 275 private equity sponsors and has raised more than $25 billion in capital. The platform offers sponsors a range of financing solutions, including first lien, stretch senior, unitranche, second lien and subordinated debt, as well as equity co-investments. With more than 50 investment professionals and over 180 employees, Audax Private Debt provides financing certainty, add-on investment capability, and the experience and collaborative approach to partner with private equity firms and their portfolio companies. For more information, please visit www.audaxprivatedebt.com or follow us on LinkedIn.
Audax Private Debt is an integral part of Audax Group, a leading alternative investment manager with offices in Boston, New York, San Francisco, and London.
Founded in 1984, Cortec invests in leading, middle-market specialty consumer, healthcare, distribution and specialty services and products businesses in partnership with owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. More information about Cortec can be found at www.cortecgroup.com.
Audax Private Debt
Julie Rudnick / Catherine Livingston