SARASOTA, Fla. - Clockwork Home Services Inc. has secured a total of $120 million in financing from Prudential Capital Partners L.P. II, Wachovia Bank N.A., and Prudential Capital Group.
The company used proceeds from this transaction primarily to refinance existing debt, fund additional acquisitions, and provide partial shareholder liquidity through a special dividend.
Clockwork indicated that the total one-stop financing consisted of $25 million of senior subordinated notes provided by Prudential Capital Partners L.P. II, and a $70 million senior revolving credit facility - with a $25 million uncommitted accordion - provided by Wachovia Bank N.A. and Prudential Capital Group.
“Clockwork is well positioned for growth given the diversification of our home services franchise operations, our expanding geographic footprint, and our growing reputation for excellent customer service,” said James Abrams, CEO, Clockwork Home Services Inc. “This new capital facility from Prudential Capital and Wachovia will help us further accelerate our growth as we move forward.”
In addition, Clockwork recently announced plans to expand its Benjamin Franklin Plumbing, One Hour Air Conditioning & Heating, and Mister Sparky Electrical home services franchises into Canada.
For more information, visit www.clockworkhomeservices.com.
Clockwork Gains Growth Funding
June 2, 2008