Wabash National Corp., a leading heavy-duty trailer manufacturer, said Monday, Aug. 3, that it had closed on the previously announced $35 million investment in the company by Trailer Investments, LLC, an entity formed by Lincolnshire Equity Fund III, L.P., a private equity investment fund managed by Lincolnshire Management, Inc.
As part of the deal, Wabash Company issued Series E, Series F, and Series G redeemable preferred stock to Trailer Investments, as well as a warrant that is immediately exercisable for common stock representing 44.21 percent of the issued and outstanding common stock of the company, subject to certain upward adjustments. An amended revolving credit facility now provides for borrowing of up to $100 million, subject to a borrowing base and applicable reserves.
“We are excited to welcome Trailer Investments as not only an investor in Wabash National but, more importantly, as our new partner,” said Dick Giromini, president and chief executive officer of Wabash National Corp. “Lincolnshire Management brings a proven track record of success and has consistently demonstrated a strong commitment to supporting the companies that they invest in.” The investment and amended credit facility, along with previous cost-restructuring initiatives, provide the capital structure to meet the needs during the economic downturn and set the stage for profitable growth as business conditions improve, Giromini said.
