Waste Hauler

The Customer

Private Equity-backed Waste Hauler with over $500 Million in revenue

The Challenge

  • Multiple company acquisitions over the previous 12 months meant underwriting “muddy” financials.
  • Reliance on one-time EBITDA add-backs to hit financial covenants.
  • Recent increase in leverage and upcoming debt maturities
  • Covenants are in place limiting their ability to take on additional debt.
  • Major restructuring in the waste management space with potential to lose large contracts.
  • PE Group is seeking to exit in the next 24 months.
  • Annual capex roughly 25% of revenue
  • Vendors needed to be paid ASAP to get trucks titled and on the road.

Done Deal.

  • Structured the transaction to where it was off balance sheet to avoid busting covenants while also reducing any impacts to EBITDA.
  • Provided Pre-payment terms at various months throughout the lease to give flexibility in case of an Exit or Sale by the PE Group.
  • Provided over $50MM in capex finance with additional capacity still available.
  • Customer visits and deep understanding of the industry helped First National Capital get comfortable when others were not able to.

Rapid Expansion

For companies requiring capital to fuel growth beyond what traditional lending can justify. Explore more case studies of companies facing these challenges by clicking below.

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