Sound Point Capital Provides Financing to Dura Automotive

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Sound Point Capital Management (Sound Point) is pleased to announce that it provided an Accounts Receivable Facility for Dura Automotive (Dura or the Company), a global designer and manufacturer of highly engineered automotive systems and portfolio company of MiddleGround Capital (MiddleGround or the Sponsor).

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Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Wednesday, July 13, 2022
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General Automotive, Professional Services, Automotive, Finance, Tier, Iron Stone Strategic Capital Partners, Dura Automotive Systems, Solution, Foundation, Aluminium, Middleground, Insurance, Electric vehicle, OWL, BEV, Sounding Point, Investment, Dura, Original equipment manufacturer, Assets under management, Growth, M&A, NYSE, Pension, Bank, Financial services
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UNITED STATES, NORTH AMERICA, NEW YORK, LONDON, KY
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SOUND POINT CAPITAL MANAGEMENT, LP, DURA AUTOMOTIVE, MIDDLEGROUND CAPITAL
Summary
Key Points: 
  • Sound Point Capital Management (Sound Point) is pleased to announce that it provided an Accounts Receivable Facility for Dura Automotive (Dura or the Company), a global designer and manufacturer of highly engineered automotive systems and portfolio company of MiddleGround Capital (MiddleGround or the Sponsor).
  • The Strategic Capital team at Sound Point partners with sponsors and management teams to provide debt capital for a variety of uses, including M&A, working capital, and owner distributions.
  • About Sound Point Capital Management, LP
    Sound Point is an alternative asset management firm founded in 2008 with particular expertise in credit strategies.
  • Five principals of Stone Point Capital LLC, as well as Dyal Capital Partners, a division of Blue Owl Capital Inc. [NYSE: OWL], are strategic investors in our business.


Sound Point Capital Management (“Sound Point”) is pleased to announce that it provided an Accounts Receivable Facility for Dura Automotive (“Dura” or the “Company”), a global designer and manufacturer of highly engineered automotive systems and portfolio company of MiddleGround Capital (“MiddleGround” or the “Sponsor”).  Dura will use proceeds of the facility to support the continued growth across its three core business segments, including its electric vehicle (BEV) battery trays business unit.

“MiddleGround is excited to broaden our relationship with Sound Point. The Strategic Capital team was able to provide a highly bespoke facility that will allow Dura to continue to execute on rapid growth across their core business units, especially in and around Electric Vehicle battery trays,” said Tyler May, a Senior Associate on MiddleGround Capital’s investment team.

“We are excited to support Dura’s next phase of growth. MiddleGround Capital’s industry expertise was evident throughout our process, and we look forward to future transactions with their impressive team,” added Morgan Dean, a Managing Director in Sound Point Capital’s Strategic Capital business.

The Strategic Capital team at Sound Point partners with sponsors and management teams to provide debt capital for a variety of uses, including M&A, working capital, and owner distributions.  We focus on complex transactions that require flexible solutions, including asset-based, cash flow and hybrid facilities.  Our transaction size ranges from $50 - $500 million.

About Sound Point Capital Management, LP

Sound Point is an alternative asset management firm founded in 2008 with particular expertise in credit strategies. Based in New York, with offices in London, the firm manages money on behalf of institutional investors including top-tier pensions, foundations, insurance companies, wealth management firms and family offices. Sound Point's strategies span the spectrum of liquid and illiquid credit alternatives and include funds and managed accounts focused on leveraged loans, special situations, distressed debt, structured credit, direct lending and commercial real estate. Sound Point currently manages approximately $31 billion of assets. Five principals of Stone Point Capital LLC, as well as Dyal Capital Partners, a division of Blue Owl Capital Inc. [NYSE: OWL], are strategic investors in our business. For more information, please visit Sound Point's website at www.soundpointcap.com

About Dura Automotive

Dura is a specialized Tier I global designer and manufacturer of highly engineered automotive systems. It operates through its Lightweight Structural Systems and Electric Vehicle Battery Trays, Precision Formed Products and Driver Control Systems (“DCS”) business segments making products such as electric vehicle (BEV) battery trays, aluminum and high-strength steel cross-car beams, stamped high-strength steel door panels, shift-by-wire actuators and mechatronic control systems. Dura supplies leading automotive OEMs and Tier one partners worldwide, with a presence on more than 300 platforms across all light vehicle and powertrain types.

About MiddleGround Capital

MiddleGround Capital is a private equity firm based in Lexington, KY with over $2.0 billion of Assets Under Management.  MiddleGround makes control equity investments in middle market B2B industrial and specialty distribution businesses. MiddleGround works with its portfolio companies to create value through a hands-on operational approach and partners with its management teams to support long-term growth strategies. For more information, please visit: www.middlegroundcapital.com.

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