Britt Terrell and I have had a good relationship for a few years and have preliminarily discussed a few opportunities. The Burrana deal is challenging in that it involves a multi-site corporate carve out from Collins Aerospace while also simultaneously executing an integration with digEcor, based in Australia. We engaged Backbone to arrange the senior-unitranch debt. The fundamentals of this combined business are good, but some elements of the credit prevented some lenders from seeing the value. Getting the right lenders to dig in and do the work and see the upside was key. Once the lender term sheet was signed, we closed in under 30 days. This was a successful closing, and we expect this to be a very successful investment. Britt drove a professional process and found some unique lenders. There are always bumps along the road, challenges to overcome and drive to success. We are happy to have engaged with Backbone and look forward to future transactions.
John Hill, Founder-Managing Director
JW Hill Capital
Newport Beach, CA