Monroe Capital LLC has refinanced the existing debt of freight hauling service Links Global LLC, providing the Walnut, Calif.-based company with about $22 million in growth capital.

“It was a complicated situation,” Monroe Capital managing director Ted Koenig tells Mergers & Acquisitions. “[Links Global] had a number of businesses that were related companies but we’re all separately financed with different financing sources.” Links Global had seven lenders prior to the agreement with Monroe Capital. 

When the Chicago investment firm refinanced all of the company’s debt, it became its only lender and created an acquisition facility for the family-owned Links Global to do deals.

“The [freight] industry is very fragmented—it’s in the midst of consolidation,” Koenig said. “We gave them the opportunity to go out and buy additional companies.”

Links Global, which does business as Dura Freight Inc., provides hauling services, equipment and warehouse storage space to companies in the beverage, construction, corrugated materials, food and mining industries, among others. 

In addition to California, it has facilities located in Colorado, Utah, Idaho and Oregon. According to Links Global CEO Jared Williams, who runs the business with his wife, this recapitalization will help spur the company toward expanding its services.

“[Monroe Capital’s] financing solution strengthens our capital base and positions us well for future growth of our business,” he said in a prepared statement.

The deal, announced Wednesday, came out of Monroe Capital’s $250 million fund, Monroe Capital Partners Fund LP, which closed in February. The fund, which Koenig says is mostly made up of contributions from domestic limited partners, targets both private equity-sponsored and privately held businesses with minimum Ebitda of $3 million.

Business services Financial services industry Restructuring