FLC Private Credit Fund Provides Loan and Preferred Shares to Goodnight Trail Resources | Business
NEW YORK & DENVER – (BUSINESS WIRE) – Sep 27, 2021–
FLC Credit Partners, a private credit fund manager specializing in family and entrepreneurial businesses, today announced that its private credit fund has provided a term loan and senior equity to Goodnight Trail Resources, LLC (“Goodnight Trail ”) to finance the purchase of its assets by existing operator RedBud E&P, Inc. (“ RedBud ”).
Goodnight Trail Resources is an exploration and production company focused on the production of conventional, high-cash-flow assets in the Eastern Plateau of the Midland Basin. This new funding will allow the existing operator of the assets, RedBud, to purchase the assets from their current owner to continue their low decline production and pursue selected development opportunities which Goodnight believes are low cost and low risk. .
“We have gained an in-depth knowledge of the assets of Goodnight Trail through our management, and the investment of FLC’s credit fund will allow us to take the assets to the next level, now as an owner,” said Tom Kaetzer, President and CEO of RedBud. “This deal is representative of the great opportunities we see in smaller conventional assets like this, and we look forward to continuing to work with the FLC team as partners to make the most of this opportunity and possibly be others in the future. “
“This investment is another example of how our unique model, leveraging the intellectual, relationship and financial capital of our major family sponsors, can be deployed in the credit space to support family and entrepreneurial businesses,” said Hendrik Jordaan, president and co-founder of FLC Credit Partners. “As we seek to provide the best returns for our investors, we are drawn to Tom’s track record of success. “
“In our work with Tom and his team at RedBud, we have been incredibly impressed with their insight, discipline and execution,” said Peter Eschmann, Partner and Managing Director of FLC Credit Partners. “These are exactly the type of entrepreneurial operators who we believe have high cash flow, low risk, and produce assets that we seek in the energy industry.”
This investment marks the second in a series of inaugural investments by FLC’s private credit fund since its launch in March 2021 as part of the Family Legacy Capital platform. FLC Credit Partners meets the capital needs of family and entrepreneurial businesses through creative private credit solutions. The firm understands the dynamics inherent in this type of business as its investor base is made up exclusively of leading family offices.
FLC Credit Partners seeks opportunistic primary and secondary private credit investments, with an emphasis on secured loans, but also on mezzanine and structured financing solutions. FLC’s private credit fund targets transactions of $ 10 million to $ 100 million to finance refinancings, leveraged buyouts, side acquisitions, recapitalizations, growth / working capital, “rescue” capital, DIP loans and exit funding.
About Family Legacy Capital
The Family Legacy Capital platform includes FLC Credit Partners and One Thousand & One Voices Management, each of which manages a private equity fund whose sponsors are leading family offices. The company is headquartered in Denver, Colorado.
About FLC Credit Partners
Family Legacy Capital Credit Management, LLC, which operates as FLC Credit Partners, is a private credit fund manager. The investment team is based in New York, New York. For more information, please visit www.flccredit.com.
RedBud E&P, Inc. is a company operating conventional and unconventional oil and gas assets that have significant growth opportunities by applying new technologies to producing fields. Its headquarters are in Spring, Texas. For more information, please visit www.redbudinc.com.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20210927005624/en/
CONTACT: Media contact:
Mickey Mandelbaum or Amanda Powers
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK COLORADO
INDUSTRY KEYWORD: FINANCING OF PROFESSIONAL SERVICES
SOURCE: FLC credit partners
Copyright Business Wire 2021.
PUB: 09/27/2021 11:28 a.m. / DISC: 09/27/2021 11:28 a.m.
Copyright Business Wire 2021.