NXT Capital Closes Senior Credit Facility in Support of Bansk Group’s Acquisition of Foundation Wellness
September 5, 2024
Source: NXT Capital
CHICAGO, September 5, 2024 – NXT Capital announced today that it closed a senior credit facility in support of Bansk Group’s acquisition of Foundation Wellness (or the “Company”).
NXT Capital acted as Joint Lead Arranger, Collateral Agent, and Administrative Agent on this transaction.
“NXT Capital helped us structure the best possible financing solution for the Company, ensuring the entire process ran smoothly while addressing all of our needs specific to the transaction and the value creation plan we developed for Foundation Wellness,” said Tim Stone, Principal, Bansk Group. “We look forward to partnering with them on future deals.”
Founded in 2019, Bansk Group is a New York-based private investment firm focused on investing in and building distinctive consumer brands. The firm partners with differentiated brands across four primary consumer categories: beauty & personal care, consumer health, food & beverage, and household products. Over their careers with Bansk and elsewhere, Bansk's tenured group of investors and operators have been involved in more than $30 billion of equity capital investments across more than 40 transactions with some of the most innovative and well-known consumer companies in the world.
Headquartered in Wadsworth, Ohio, for nearly 90 years, Foundation Wellness is a family of wellness brands including PowerStep, Currex, Foot Petals, Doctor Hoy's, and FLAT SOCKS. The Company’s leading brand, PowerStep, is the #1 Podiatrist recommended orthotic in the marketplace, offering foot support, pain relief, and helping with injury prevention.
NXT Capital provides structured financing solutions through its Direct Lending group and targets U.S.-based borrowers with EBITDA between $5 million and $50 million. Since NXT Capital’s inception in 2010, their Direct Lending team has closed over $29 billion in financing commitments in more than 500 platform transactions. NXT Capital is based in Chicago with offices in Atlanta, Dallas, and New York and is the direct lending focused wholly-owned subsidiary of ORIX Corporation USA. For more information visit https://www.nxtcapital.com/.
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