Candlewood Partners (“Candlewood”), a middle market investment bank with a proven track record of advising clients in the energy, industrials, and environmental services sectors, is pleased to announce its role as exclusive financial advisor and placement agent to AVANTech LLC (“AVANTech” or the “Company”) in connection with a $55 million senior secured credit facility provided by J.P. Morgan.
AVANTech is a vertically integrated designer, fabricator, and integrator of proprietary nuclear water, wastewater, and wet-waste treatment systems serving the U.S. Department of Energy, commercial nuclear power, and industrial end markets. The Company’s in-house engineering and fabrication platform supports mission-critical programs across the U.S. nuclear complex, including the cleanup of legacy waste at the Department of Energy’s Hanford Site, where AVANTech designed and built the Tank Side Cesium Removal (TSCR) system and supplies the patented consumables those systems require.
The financing consists of a senior secured term loan and a revolving credit facility. Candlewood ran a broad, competitive financing process, contacting more than 120 prospective lenders across the bank, insurance, and private credit markets before down-selecting to a group of finalists and securing J.P. Morgan’s fully committed facility. Proceeds were used to refinance the Company’s existing credit facilities and to provide additional liquidity and working capital flexibility in support of AVANTech’s continued growth across its government and commercial nuclear programs. The transaction also simplified the Company’s balance sheet from a two-lender structure to a single banking relationship and added a revolving credit facility.
The new facility lowers the Company’s cost of capital while aligning its balance sheet with its disciplined growth strategy, positioning AVANTech to execute its contracted backlog of mission-critical nuclear remediation work and to pursue continued expansion across Department of Energy sites and the commercial nuclear fleet. Backed by GC Companies, which acquired AVANTech in 2020 and has invested substantial equity capital to support its growth, the Company enters its next phase with enhanced financial flexibility.
Phil Rawson, Vice President at Candlewood Partners, commented:
“AVANTech has established a differentiated position serving some of the nation’s most technically demanding nuclear remediation programs through its proprietary technology, engineering expertise, and long-standing customer relationships. The strong level of market engagement throughout the financing process reflected the quality of the business and its long-term growth prospects. Having advised AVANTech through multiple stages of its growth, we’re proud to have helped the Company secure a capital structure that provides the financial flexibility to execute on its strategic objectives.”
This transaction further demonstrates Candlewood’s depth of experience across the energy, industrials, and environmental services sectors, and its ability to support companies and their private equity sponsors through every stage of their financial and strategic evolution.
ABOUT AVANTECH
AVANTech is a vertically integrated designer, fabricator, and integrator of proprietary nuclear water, wastewater, and wet-waste treatment systems serving nuclear power, commercial, and industrial end markets. Founded in 1999 and headquartered in Columbia, South Carolina, the Company’s technologies span demineralization, polymer solidification, filtration and ultrafiltration, reverse osmosis, and dewatering and drying applications, supporting complex remediation programs across the U.S. nuclear complex. For more information, visit www.avantechllc.com.
ABOUT CANDLEWOOD PARTNERS
Candlewood Partners is a Cleveland, South Florida and Chicago-based boutique investment bank and advisory firm. Our focus is middle market capital raising, restructuring advisory, lender services, and M&A execution. Since 2001, Candlewood has supported the needs of private businesses, small cap public companies, private equity and independent sponsors, and private credit lenders. We leverage decades of experience to maximize value for our clients, successfully navigating complex engagements across diverse industries and markets worldwide.
Contacts
Phil Rawson, plr@candlewoodpartners.com 216.472.6643
Hallie Berk, hmb@candlewoodpartners.com 561.928.0665
Natan Milgrom, ndm@candlewoodpartners.com 216.472.6647
Candlewood Partners, LLC
Established 2001
