Tue 09/28/2021 10:33 AM
Polygon will be almost 6x net levered through its second lien and lease debt following its buyout by AEA Investors while a lack of cash generation suggests that deleveraging will be a slow process.
The group has a commanding market share in the stable property damage control, or PDC, segment as well as a solid track record both in terms of organic growth and integrating bolt-on acquisitions, while the roughly 50% contribution from the incoming sponsor provides a solid equity cushion,...
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