Chicago, IL – NXT Capital announced today that it closed a senior credit facility in support of Rainier Partners’ investment in Welfare & Pension Administration Service.
NXT Capital acted as Sole Lead Arranger, Sole Bookrunner, and Administrative Agent on this transaction.
“The NXT Capital team worked hard to provide an excellent solution for the company,” said Henry Anderson, Vice President, Rainier Partners. “They were responsive to our asks and overall worked quickly and efficiently to close the transaction. We look forward to working with them in the future.”
Welfare & Pension Administration Service (“WPAS”) is a third-party administration (TPA) firm with a 70+ year history specializing in multi-employer benefit plan administration. WPAS is the trusted partner of dozens of such plans, helping to ensure that their members receive the health and retirement benefits they have earned.
Rainier Partners (“Rainier”) is a Seattle-based private equity firm with over $375 million in assets under management that invests in lower middle-market services businesses. Rainier looks for opportunities to actively support business owners and management teams by providing growth capital, operational resources, and strategic partnership. They focus on industries in which they have extensive experience, a network of partners, and deep resources: business services, consumer services, industrial services, and financial services. Rainier typically invites the founders or management teams of their portfolio companies to invest alongside them to align interests.
NXT Capital provides structured financing solutions through its Direct Lending group and targets U.S.-based borrowers with EBITDA between $5 million and $50 million. Since NXT Capital’s inception in 2010, their Direct Lending team has closed over $30 billion in loan commitments in more than 500 platform transactions. NXT Capital is based in Chicago with offices in Atlanta, Dallas, and New York and is the direct lending focused wholly-owned subsidiary of ORIX Corporation USA.