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  • Allied Capital Invests $56 Million in Buyout of Leading U.S. Commercial Franchise Cleaning Company

    August 28th, 2006 No comments

    Allied Capital Corporation announced recently that it has invested $56 million in the buyout of Coverall North America, Inc. (“Coverall”), a leading commercial cleaning franchise organization in the U.S. Allied Capital’s new investment took the form of senior secured unitranche notes, subordinated debt and a majority of the common equity. Senior management of Coverall reinvested equity proceeds as well as invested new equity in the transaction.

    Coverall is the second largest commercial cleaning franchiser in the U.S. with 9,000 franchisees serving an estimated 40,000 small and medium-sized businesses across the country. Through its 25 regional offices, Coverall provides its franchisees with billing and collection services, cleaning equipment and supplies, insurance services and customer support. Coverall also supports 51 master franchisees in areas not covered by its company-owned regional offices.

    “The Coverall transaction is the latest example of Allied Capital building upon an existing lending relationship with a company to create a proprietary buyout opportunity in partnership with management,” said Tom Lauer, Managing Director of Allied Capital. “We have been a lender to Coverall since 1998, and are looking forward to expanding our relationship with Ted Elliott and his experienced team as we look to grow the Company.”

    “We are pleased to have Allied Capital as our partner as we position our company for the future,” said Ted Elliott, CEO of Coverall. “Allied Capital has been supportive historically and its investment philosophy, financial resources and structural flexibility make them the ideal partner for us going forward.”

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