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Sierra Income Provides Funding for Acquisition

September 29, 2017

Sierra Income Provides Funding for Acquisition

September 28, 2017 | Luke Schmidt | Blue Vault 

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On September 27, 2017, Sierra Income Corporation, a business development company that makes senior secured investments in U.S. middle market companies, and its affiliate, Medley Management Inc., announced that it provided a senior secured first lien term loan to facilitate the acquisition of Summit Companies by CI Capital Partners.

“We are thrilled to have continued to build our partnership with CI Capital through their acquisition of Summit”

Founded in 1999, Summit provides services designed to protect buildings, assets and people. Summit’s end-to-end capabilities include inspection, testing and monitoring, service and repair, installation, and consulting services for fire protection, life safety and security systems. The company services over 35,000 commercial, industrial government, healthcare and multi-family residential facilities annually.

“Medley continues to be a valuable financing partner for CI Capital, and provided us with certainty of closing and a flexible capital structure that will allow Summit to consolidate the fragmented fire and life safety sector,” said Tim Hall, Managing Director of CI Capital.

“We are thrilled to have continued to build our partnership with CI Capital through their acquisition of Summit,” said Jeff Tonkel, President of Sierra Income Corporation. “We look forward to working with CI Capital to execute a buy and build strategy for Summit.”

 

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