Sound Point Capital grants financing to Dura Automotive

NEW YORK–(BUSINESS WIRE)–Sound Point Capital Management (“Sound Point”) is pleased to announce that it has provided an Accounts Receivable Facility to Dura Automotive (“Dura” or the “Company”), a global designer and manufacturer of systems and high-tech automotive portfolios. MiddleGround Capital company (“MiddleGround” or the “Sponsor”). Dura will use proceeds from the facility to support continued growth in its three core business segments, including its electric vehicle (BEV) battery tray business unit.

“MiddleGround is delighted to expand its relationship with Sound Point. The Strategic Capital team was able to deliver a highly bespoke facility that will enable Dura to continue its rapid growth across its core business units, particularly in and around battery trays for electric vehicles,” said Tyler May, Senior Partner on MiddleGround Capital’s investment team.

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

Sound Point’s Strategic Capital team partners with sponsors and management teams to provide debt capital for a variety of uses, including mergers and acquisitions, working capital and distributions to owners. We focus on complex transactions that require flexible solutions, including asset-based, cash flow and hybrid facilities. Our transaction sizes range from $50 million to $500 million.

About Sound Point Capital Management, LP

Sound Point is an alternative asset management company founded in 2008 with particular expertise in credit strategies. Based in New York, with offices in London, the firm manages funds on behalf of institutional investors, including leading pension funds, foundations, insurance companies, wealth management companies 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 loans and commercial real estate. Sound Point currently manages approximately $31 billion in assets. Five executives from Stone Point Capital LLC, as well as Dyal Capital Partners, a division of Blue Owl Capital Inc. [NYSE: OWL], are strategic investors in our company. For more information, please visit the Sound Point website at www.soundpointcap.com

About Dura Automotive

Dura is a Tier I specialty global designer and manufacturer of engineered automotive systems. It operates through its Lightweight Structural Systems and Battery Trays for Electric Vehicles, Precision Formed Products and Driver Control Systems (“DCS”) business segments, manufacturing products, such as Battery Trays for Electric Vehicles (BEV ), aluminum and high-tensile steel cross beams, stamped high-tensile steel door panels, shift-by-wire actuators and mechatronic control systems. Dura supplies leading automotive OEMs and Tier 1 partners worldwide, with a presence on over 300 platforms for all types of light vehicles and powertrains.

About MiddleGround Capital

MiddleGround Capital is a Lexington, KY-based private equity firm with over $2.0 billion in assets under management. MiddleGround acquires controlling interests in industrial and specialized B2B distribution companies in the middle market. 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.