Houlihan Lokey Advises Westfall Technik

Houlihan Lokey is pleased to announce the successful placement of $225 million of committed capital, comprising an asset-based revolver, a senior secured term loan, and holdco PIK notes, for Westfall Technik, LLC (Westfall), a portfolio company of Lee Equity Partners, LLC (Lee Equity) and BlackBern Partners LLC (BlackBern). Proceeds from the transaction were used to refinance the company’s existing indebtedness. The transaction closed on May 17, 2024.

Westfall is a vertically integrated manufacturer of injection-molded plastic packaging products, serving a diversified, blue-chip customer base primarily across the healthcare and consumer packaged goods (CPG) sectors. The company provides end-to-end, customized solutions, with a key focus on plastic components used in specialized medical devices and CPG caps/closures. Lee Equity and BlackBern launched Westfall with two initial acquisitions in 2017, and the company has since successfully completed an additional 13 acquisitions.

Lee Equity is a middle-market private equity firm that partners with businesses in services sectors. Over nearly two decades, the firm has utilized its thematic-based investment strategy and deep sector knowledge to identify and partner with talented management teams to accelerate the growth of and build market-leading financial, healthcare, and broader services businesses.

Founded in 2010, BlackBern is a private equity firm based in New York, New York. The firm seeks to invest in mature operating companies in the lower middle market, partnering with management teams that have a proven track record of success and providing capital to realize organic growth and acquisition opportunities.

Lee Equity and BlackBern engaged Houlihan Lokey’s Capital Markets Group to serve as the sole lead placement agent, assisting the company in arranging, structuring, and negotiating the senior credit facility as well as the holdco PIK notes. The transaction highlights Houlihan Lokey’s ability to leverage its relationships with decision-makers at constructive capital providers to drive competitive tension and achieve outlier results for its clients. Houlihan Lokey was able to successfully deliver a comprehensive refinancing solution that maximized operational flexibility to allow Westfall to continue to execute its growth initiatives.

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