Buyers Edge Platform Completes a $1.1 Billion Recapitalization to Accelerate the Next Phase of Growth

Successfully Closes Oversubscribed $560M Term Loan B and $130M Revolving Credit Facility

WALTHAM, Mass., May 16, 2024 /PRNewswire/ -- Buyers Edge Platform (the "Company"), a leader in digital procurement solutions for the foodservice industry, today announced it has completed a $1.1B recapitalization to support its continued growth through the successful closing of a $560M Term Loan B maturing in 2031 and a $130M revolving credit facility maturing in 2031 ("new credit facilities").  The new credit facilities build on the Company's $425M preferred equity investment secured from a consortium led by General Atlantic Credit's Atlantic Park Fund, alongside funds managed by Blackstone Tactical Opportunities and investment funds managed by Morgan Stanley Tactical Value, announced in April 2024. 

Buyers Edge's Term Loan B transaction represented the tightest pricing for any debut deal by technology companies since November 2021 and financing was well oversubscribed due to strong demand. 

The proceeds from the Term Loan B will be used to refinance the existing Term Loan A and provide liquidity to employees and shareholders of Buyers Edge.  John Davie, Buyers Edge Platform CEO, commented, "The most exciting thing for me about this recapitalization is that many of our most tenured and committed team members will be receiving liquidity.  I'm thrilled to be able to reward our amazing team for their hard work and dedication.  In addition, I'm excited about the flexible capital structure we've put in place.  This will underpin our M&A strategy, which we plan to accelerate over the coming years."

Buyers Edge Platform's team has grown exponentially over the past 8 years.  The Company surpassed 1,000 employees in January of 2024 and currently has 50 open positions and 150 more planned hires through the end of 2024. It has completed 5 acquisitions in the past 12 months and has 10 more planned before the end of the year.

J.P. Morgan, General Atlantic Credit, Bank of America, Truist, and Wells Fargo acted as joint lead arrangers and bookrunners for the Term Loan B.

About Buyers Edge Platform

Buyers Edge Platform stands at the forefront of revolutionizing the foodservice industry through technology, purchasing power and partnerships. We are dedicated to empowering stakeholders across the entire foodservice ecosystem (operators, distributors, manufacturers) with efficiency and unprecedented visibility. With a diverse portfolio of over two dozen brands, our mission is clear: to reduce costs, streamline the foodservice supply chain, and propel the industry from manual to automated. Today, we are one of the largest players in foodservice, with over 200K operator locations across North America and over $60 billion of aggregated spend volume. Our commitment to foodservice excellence is proven in four distinct areas of value: Digital Procurement Network, Fresh Solutions, Supply Chain Management, and Software. Buyers Edge Platform is not just a provider – we are a strategic partner on the journey towards a more efficient, connected, and automated future for the foodservice industry.

About General Atlantic Credit

General Atlantic Credit ("GA Credit") is the dedicated credit investment platform within General Atlantic, a leading global growth equity firm. GA Credit leverages a demonstrated track record of strategic credit partnerships across market cycles and capital structures alongside General Atlantic's more than 40 years of domain expertise and company-building capabilities. GA Credit's Atlantic Park strategy provides flexible capital to high-quality companies seeking a strategic partner at various stages of the corporate and economic lifecycle. This partnership approach enables Atlantic Park to create customized capital solutions tailored to a company's specific capital needs.

General Atlantic has approximately $83 billion in assets under management inclusive of all products as of December 31, 2023. For more information, please visit: www.generalatlantic.com.

Media Contacts

Buyers Edge Platform
Ryan Gerding
rgerding@inkincpr.com
913-602-8531

General Atlantic
Emily Japlon & Liz McBain
media@generalatlantic.com