WhiteHorse Capital Provides New Credit Facility to Westinghouse
October 10, 2024 – WhiteHorse Capital is pleased to announce that it has provided a new First Lien Credit Facility to Westinghouse Electric & Manufacturing Company, LLC (“Westinghouse”), with proceeds used to support the acquisition of Midwest Equipment Sales, LLC (“MWE”), one of its largest licensees, as well as to refinance existing debt and pay related transaction expenses.
James Cline, CEO of Westinghouse, stated, “The acquisition of MWE is a monumental moment for Westinghouse, allowing us to restore our legacy as both a manufacturer and a product innovator. This partnership with WhiteHorse Capital strengthens our ability to drive forward with our vision while continuing to deliver high-quality products that embody the Westinghouse name. Additionally, it will allow our licensing partners to leverage the scale and relationships MWE has built with many national retailers, creating even greater opportunities for growth and success across our brand.”
Pankaj Gupta, President and Global Head of Originations at WhiteHorse Capital, added, “It was a pleasure working with James and the Westinghouse team, and we look forward to seeing the continued growth and innovation they bring to the brand in the coming years through the acquisition of MWE.”
About Westinghouse
Founded in 1886 and headquartered in Pittsburgh, PA, Westinghouse is a licensor, with 50+ licensees across industrial power, consumer power equipment, lighting, small kitchen appliances, and more. Westinghouse has an established relationship with licensees both domestically and globally, who manufacture, distribute, and sell products while using the Westinghouse brand name. For more information, please visit westinghouse.com.
About MWE
Founded in 2009 and headquartered in Columbus, OH, Midwest Equipment Sales is a diversified, value-added distributor of branded consumer and industrial products. MWE is one of Westinghouse’s top licensees, having acquired its license for the brand’s outdoor power equipment in 2016 through the acquisition of Westpro Power Systems. Products include Westinghouse generators and inverters, pressure washers, power stations and other Westinghouse outdoor power equipment, MWE’s tracks and tires in-house brand “TNT”, and other national branded products.
About WhiteHorse Capital
WhiteHorse Capital offers flexible, creative lending solutions to middle market companies across a wide range of industries, including Telecom, Media and Technology, Healthcare, Business Services and Financial Services. WhiteHorse has a broad investment mandate and provides senior and subordinated debt for refinancings, growth capital, acquisitions, buyouts, and balance sheet recapitalizations. WhiteHorse professionals, across the U.S. and Europe, have extensive experience and a proven track record of providing creative financing structures and employing a long-term relationship-oriented portfolio management philosophy. For more information, please visit our website at whitehorse.com.