On Thursday Private equity firm Carlyle Group Inc said it has concluded a $95 million financing package for Zippy Shell (LON: RDSa) Inc, one of the largest moving-and-storage service providers in the United States.
Carlyle said its financing package consists of a $75 million second-lien term loan and $20 million in preferred equity. Virgo Investment Group LLC owns Zippy Shell , and there are about 71 warehouse facilities across the country. It was founded in 2009 , and merged with another moving firm called 1-800-PACK-RAT.
Zippy Shell Chief Executive Officer Mark Kuhns said that the company plans to use the financing to make acquisitions, open more storage locations across cities, invest in its technology, and expand its fleet of trucks and moving containers. Carlyle provided the financing for Zippy Shell from its $2.4 billion Credit Opportunities Fund, which was lately used to back International Creative Management Partners, one of the most well known Hollywood talent agencies, in its recent purchase of London-based sports management agency Stellar Group.
The private equity firm has $53 billion in credit assets under management.