Dallas, TX – June 3, 2011 – PCI Company, dba SensoryEffects (“PCI” or the “Company”), a portfolio company of Highlander Partners, L.P., today announced that the Company has renewed and expanded its senior debt facility from $34 million to $85 million.
The new expanded facility will be used to accommodate the Company’s future growth plans, refinance current debt, pay a dividend and for general corporate purposes. The transaction was led by Texas Capital Bank, N.A. acting as Administrative Agent, Sole Lead Arranger and Sole Book Manager. In addition to Texas Capital Bank, the facility was also joined by The PrivateBank and Trust Company, as Syndication Agent, Enterprise Bank & Trust and The F&M Bank & Trust Company.
“We’ve enjoyed a long lasting relationship with Texas Capital Bank and The PrivateBank who have been the Company’s bankers for several years now and we are excited about them participating in this facility. We welcome F&M Bank and Enterprise Bank who are new to the credit, but have had a great relationship with Highlander,” commented Alex Guiva, a partner at Highlander Partners. “PCI has enjoyed rapid growth since its inception in 2005, and the additional debt capacity will facilitate the Company’s further growth as PCI continues to successfully execute its business strategy of providing value-added solutions to the food industry.”
Rick Rogers, Senior Vice President with Texas Capital Bank, noted: “Texas Capital Bank is excited to play a leading role in the financing being announced today. PCI’s outstanding management team continues to be the key to the success of the company and provides confidence to the bank group that the success enjoyed since inception will continue.” He went on to say, “The professionals at Highlander Partners worked with the bank group in an extraordinary fashion to bring this creative financing to a quick conclusion. We value greatly the relationship we have developed with both PCI and Highlander.”
“With the expanded debt capacity and strong balance sheet, the Company is well positioned to continue benefitting from its extensive Research and Development and Sales efforts and the Company’s management sees exciting organic and M&A growth opportunities at all of PCI’s divisions,” according to Charles A. Nicolais, Chairman, CEO and President of PCI Company.
Formed in 2005, PCI Company is a leading supplier of customized, technology-driven food and beverage solutions consisting of ingredient and flavor systems and finished products for numerous application categories, including baking, frozen dessert, beverages, dairy and nutritional systems. Since its inception, the Company has had tremendous growth organically and through strategic acquisitions. The Company has acquired four production plants and integrated six tuck-in acquisitions to become a leading developer and supplier of a wide variety of high quality specialty beverage and food powders, flavor delivery systems and inclusions, dairy ingredients and beverage bases and ready-to-eat breakfast cereals.