Chicago, IL – NXT Capital announced today that it closed a senior credit facility in support of L Squared Capital Partners’ acquisition of Kano Laboratories.
NXT Capital acted as Sole Lead Arranger, Sole Bookrunner, and Administrative Agent on this transaction.
“NXT Capital was knowledgeable, supportive, and responsive in helping to structure this transaction to get the best possible outcome,” said Randall Hunt, Managing Partner, L Squared Capital Partners. “We look forward to continuing this partnership in the future.”
L Squared Capital Partners is a private equity investment firm with over $2 billion of equity commitments under management and is headquartered in Newport Beach, CA, that seeks to make long-term investments in leading growth companies that operate in targeted sectors: Education Technology, Technology-Enabled Services & Software, and Industrial Technology & Services. L Squared’s unique investor base of family offices and institutions enables the Firm to focus on long-term value creation driven by revenue and earnings growth, not financial engineering, or market timing. The principals of L Squared have worked together for over 15 years and have over 125 years of combined experience investing in growing private companies.
Founded in 1939 and based in Nashville, Tennessee, Kano Laboratories (“Kano”) is a leading producer of iconic, Kroil branded penetrating oils and lubricants for industrial MRO, and professional specialty trade markets. Kano has built a passionately loyal customer base around Kroil products, which are used by professionals and DIYers to loosen rusted, corroded, and frozen mechanical parts. In January 2024, Kano acquired Synco Chemical Corporation and its line of premium synthetic, food-grade lubricants designed for industrial applications, including its best-selling Super Lube line of premium synthetic lubricants.
NXT Capital provides structured financing solutions through its Direct Lending group and targets U.S.-based borrowers with EBITDA between $5 million and $50 million. Since NXT Capital’s inception in 2010, their Direct Lending team has closed over $30 billion in loan commitments in more than 500 platform transactions. NXT Capital is based in Chicago with offices in Atlanta, Dallas, and New York and is the direct lending focused wholly-owned subsidiary of ORIX Corporation USA. For more information visit https://www.nxtcapital.com/.