2015
07/29

Category:
Secured Financing

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Franklin Square Provides $150MM Secured Financing to Latham Pool Products

Franklin Square Capital Partner announced the origination of a $150 million first lien secured term loan to Latham Pool Products, Inc., the largest manufacturer of in-ground residential swimming pools and components in North America. Latham is a portfolio company of Littlejohn Company (Littlejohn), a Greenwich, CT based private equity investment firm focused on the middle market.  The financing was provided by FS Investment Corporation FSIC, +0.43% FS Investment Corporation II (FSIC II) and FS Investment Corporation III (FSIC III), BDCs managed by affiliates of Franklin Square and sub-advised by GSO / Blackstone Debt Funds Management LLC (GDFM), an affiliate of GSO Capital Partners LP (GSO).

Founded as a family business in 1956 and headquartered in Latham, NY, the company manufactures fiberglass pools, automatic safety covers, winter safety covers, packaged pool components and in-ground vinyl liners. Latham serves over 4,000 customer accounts and operates a network of 21 manufacturing facilities in the United States and Canada.

The scale of our platform allows us to provide customized credit solutions to market leading companies like Latham, said Michael C. Forman, Chairman and Chief Executive Officer of FSIC, FSIC II and FSIC III. We are pleased to work with Littlejohn and look forward to supporting Lathams continued growth.

Latham has both a diversified product portfolio and a strong presence in the North American pool industry, commented Brad Marshall, Senior Managing Director and Senior Portfolio Manager at GDFM. With its extensive operating footprint and its history of successful growth, we believe Latham is poised for continued success.

Franklin Square and GSO provided a single source of financing for our company, said Mark Laven, Chairman and Chief Executive Officer of Latham Pool Products, Inc. With financial backing from Franklin Square and GSO and the continued support of Littlejohn, Latham is in a strong position to continue to serve our clients.

FSIC is a publicly traded BDC focused on providing customized credit solutions to private middle market US companies. FSIC seeks to invest primarily in the senior secured debt and, to a lesser extent, the subordinated debt of private middle market companies to achieve the best risk-adjusted returns for its investors. In connection with its debt investments, FSIC may receive equity interests such as warrants or options.

FSIC is advised by FB Income Advisor, LLC, an affiliate of Franklin Square, and is sub-advised by GDFM, an affiliate of GSO. GSO, with approximately $75.0 billion in assets under management as of March 31, 2015, is the credit platform of Blackstone, one of the worlds leading managers of alternative investments. For more information, please visit www.fsinvestmentcorp.com.

About FSIC II and FSIC III FSIC II and FSIC III are publicly registered, non-traded BDCs sponsored by Franklin Square. FSIC II and FSIC III focus primarily on investing in the debt securities of private companies throughout the United States, with the investment objectives of generating current income and, to a lesser extent, long-term capital appreciation for their investors.

Franklin Square is a leading manager of alternative investment funds designed to enhance investors portfolios by providing access to asset classes, strategies and asset managers that typically have been available to only the largest institutional investors.

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