Allied Capital Invests in Stag Buyout
Allied Capital Corp. has committed $63 million to support the buyout of full-line RV aftermarket supplier Stag-Parkway Inc. by private equity firm Greenbriar Equity Group LLC.
“This deal presented a great opportunity for Allied Capital to invest in a market-leading company with national scale and reach,” said Justin Maccarone, managing director of Allied Capital, a publicly traded business development firm based in Washington, D.C., with total assets of more than $4 billion.
Greenbriar, based in Rye, N.Y., acquired a majority interest from Stan Sunshine, Stag president and CEO, on July 17. Greenbriar said Sunshine will retain a substantial interest in the business and continue to serve as CEO while the entire Stag management team will remain intact. Terms of the deal were not disclosed.
“Allied Capital’s ability to provide a one-stop financing package through a unitranche structure was a key factor in choosing them as our financing partner in this transaction,” said Jill Raker, managing director of Greenbriar Equity Group. “Allied Capital’s structural flexibility, efficient execution and ability to fund the entire debt capital needs of the transaction contributed to the successful closing of this deal.”
Headquartered in Atlanta, Ga., Stag sources from over 500 suppliers and services a customer base of over 2,000 RV dealers and independent service locations. In May, Stag acquired Middlebury, Ind.-based Development Training Inc. (DTI), the leading provider of aftermarket service parts to RV dealers.