OHA is a Lead Arranger for Mammoth Holdings Refinancing

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Oak Hill Advisors (OHA) leads the refinancing of Mammoth Holdings, a major car wash operating platform in the US, with over $500 million in private financing. The move aims to support Mammoth's growth and development opportunities.

NEW YORK, Nov. 15, 2023 /PRNewswire/ -- Oak Hill Advisors ("OHA") served as a Lead Arranger for the refinancing of Mammoth Holdings ("Mammoth"), a portfolio company backed by Red Dog Equity, The Pritzker Organization ("TPO"), and CCMP Growth Advisors. Mammoth is one of the largest car wash operating platforms in the United States and maintains a multi-brand portfolio with over one hundred locations across the country. OHA provided the majority of the private financing solution totaling over $500 million in size, including a unitranche term loan, delayed draw term loan and revolving credit facility.

"We have cultivated deep expertise in the automotive services ecosystem, including the car wash sector, as an active lender in the space across OHA's public and private credit businesses," said Eric Muller, Portfolio Manager and Partner at OHA. "We are pleased to harness our specialized knowledge and financing capabilities to support the continued growth and development opportunities for Mammoth and its equity providers."

"OHA has been following Mammoth for nearly two years with best-in-class industry knowledge, making them a logical choice to support this transaction," said Dave Hoffmann, Chairman and CEO of Mammoth. "We look forward to scaling our platform and bringing the company into its next phase of growth alongside a trusted partner like OHA."

OHA sourced this transaction through its strategic direct lending partnership with BMO Capital Markets ("BMO"), which includes over $1 billion to invest in jointly originated senior secured private credit assets. The combination of BMO's broad investment banking platform and OHA's private credit expertise has delivered enhanced deal flow and financing flexibility while adding value for borrowers and private equity sponsors. BMO served as Left Lead Arranger for this transaction.

About OHA: OHA is a leading global alternative investment firm specializing in private lending, distressed credit, structured credit, real assets, special situations, leveraged loans and high yield bonds. OHA manages approximately $63 billion of capital across credit strategies in pooled funds, collateralized loan obligations and single investor mandates as of September 30, 2023. The firm's global, primarily institutional investor base includes pension funds, sovereign wealth funds, insurance companies, foundations, endowments, fund of funds, family offices and high net worth individuals. OHA is the private markets platform of T. Rowe Price Group, Inc. (NASDAQ – GS: TROW). For more information, please visit oakhilladvisors.com.

About Mammoth Holdings: Headquartered in Dallas, Mammoth Holdings operates 122 conveyor car washes under the Busy Bee Car Wash, Coastal Carwash, Finish Line Car Wash, In & Out Express Carwash, Jax Kar Wash, Lulu's Express Car Wash, Marc-1 Car Wash, Mr. Squeaky Car Wash, Pals Carwash, Pitstop Car Wash, PureMagic Carwash, Silverstar Car Wash, Speedy Clean Car Wash, Suds Car Wash, Swifty Car Wash, Ultra Car Wash, Wash Me Fast, Wash-N-Go Express Car Wash, and Wiggy Wash brands in Georgia, Alabama, Kentucky, Illinois, Utah, South Carolina, Mississippi, Louisiana, Indiana, Missouri, Tennessee, North Dakota, South Dakota, Iowa, Nebraska, and Florida. Mammoth Holdings was founded by Gary Dennis and Chip Hackett in 2002. To learn more, please visit mammothholdings.com. 

About Red Dog Equity LLC: Red Dog Equity LLC is a private equity firm that invests in lower middle-market companies poised for strong growth in partnership with driven, entrepreneurial business leaders ("Red Dogs"). To learn more, please visit reddogequity.com. 

About The Pritzker Organization: The Pritzker Organization is the merchant bank for the business interests of the Tom Pritzker family. Additional information can be found at pritzkerorg.com. 

About CCMP Growth Advisors: CCMP Growth Advisors, LP ("CCMP Growth") is a New York based growth-oriented private equity firm focused on making lead buyout and growth equity investments in middle-market companies in the Consumer and Industrial sectors primarily in North America. CCMP Growth leverages the deep investment experience of its team to identify high growth companies in transition, and partners with management to help each platform scale through strategic and operational support. For more information, please visit ccmpgrowth.com.

 

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SOURCE OHA

FAQ

Who led the refinancing of Mammoth Holdings?

Oak Hill Advisors (OHA) served as the Lead Arranger for the refinancing of Mammoth Holdings.

How much private financing did OHA provide?

OHA provided over $500 million in private financing for Mammoth Holdings.

What is Mammoth Holdings' portfolio?

Mammoth Holdings maintains a multi-brand portfolio with over one hundred car wash locations across the United States.

Who is Mammoth Holdings backed by?

Mammoth Holdings is backed by Red Dog Equity, The Pritzker Organization (TPO), and CCMP Growth Advisors.

How was the transaction sourced by OHA?

OHA sourced this transaction through its strategic direct lending partnership with BMO Capital Markets, which includes over $1 billion to invest in jointly originated senior secured private credit assets.