Details emerge on Wrench Group's $70M incremental 2nd-lien facility

Crescent Capital was lead arranger on an incremental second-lien credit facility supporting the acquisition of Morris-Jenkins by Wrench Group LLC, market sources said.

Earlier this month, the borrower placed a $220 million incremental first-lien term loan and repriced a $119.4 million non-fungible incremental term loan, according to sources. Financing included a $70 million privately placed fungible incremental second-lien term loan that was downsized by $20 million in a shift to the add-on first-lien tranche.

The Wrench Group is a portfolio company of Leonard Green & Partners. The transaction closed today.

The acquisition will expand the Wrench Group into the Carolinas, according to a statement today about the transaction. Morris-Jenkins will retain its own brand and management, the companies said.

Wrench provides home maintenance and repair services specializing in heating, ventilation and air conditioning, plumbing and electrical services across the U.S.