NXT Capital Closes Senior Credit Facility in Support of L Squared Capital Partners' Acquisition of Kano Laboratories

Chicago, IL – NXT Capital announced today that it closed a senior credit facility in support of Broad Sky Partners’ acquisition of Frontline Managed Services.  

NXT Capital acted as Joint Lead Arranger, Joint Bookrunner, and Administrative Agent on this transaction.

“NXT Capital was a great partner throughout the entire process,” said Evan Azus, Managing Director, Broad Sky Partners. “The team demonstrated great expertise, collaboration, and worked hard to help us get this transaction across the finish line. We look forward to continuing this partnership.”

Broad Sky Partners is private equity firm that partners with leading middle market companies that provide essential services to business and consumer end markets. The firm offers a differentiated approach to sector-focused, thematic investing and value creation. Its Portfolio Resource Group is dedicated to helping companies capitalize on growth opportunities. Broad Sky is based in New York City.

Frontline Managed Services is a global provider of Revenue Cycle and Managed IT Services for legal and professional services firms. Driven by specialized technology, Frontline Managed Services innovates the service delivery model and offers scalable solutions that improve revenue, profitability, and firmwide efficiencies for firms of all sizes.

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 $30 billion in loan 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.