PGIM Private Capital first partnered with Allient in 2013, providing mezzanine financing to support the Company’s acquisition of Globe Motors. While PGIM's investment was refinanced in 2016 as the Company scaled, we continued to follow along with Allient’s growth story. Recently, we worked with management to help diversify the Company’s capital structure with long-term fixed rate debt to support the Company’s M&A strategy, while freeing up bank capacity to improve balance sheet flexibility and support further growth.
In March 2024, we provided $50 million of Senior Secured Notes under a $150 million PGIM Private Shelf Facility. As a first-time issuer in the private placement market, we worked closely with management to establish a structure and terms in support of the Company’s objectives. Allient’s decision to partner with us was driven by: i) the flexibility and diversification provided by long-term fixed rate debt, ii) access to capital for future growth opportunities through the Shelf Facility, as well as iii) our relationship-based approach and ease of execution.
We are proud to support Allient and look forward to supporting the business over the long-term.
