China's AI Stocks Surge as Zhipu and MiniMax Hit Record Highs 
Disney Plans to Cut 1,000 Jobs Amid Ongoing Restructuring Efforts 
BHP's Incoming CEO Visits China Amid Pricing Dispute with CMRG 
U.S. Automakers Push Back Against EU Rules Blocking American Trucks from European Market 
Bank of America Identifies Top Asia-Pacific Semiconductor Stocks Poised for AI-Driven Growth 
Alibaba Shares Slide as Jefferies Slashes Price Target Over AI Spending and Business Losses 
Kia Cuts EV Sales Target for 2030 Amid Slowing Demand and U.S. Policy Shifts 
Lumentum Holdings Rides AI Wave With Order Book Filled Through 2028 
FedEx Pilots and Union Reach Tentative Agreement on 40% Pay Increase 
Pershing Square Bids €30.40 Per Share to Acquire Universal Music Group in $9.4B Deal 
Tokyo Electric Power Attracts Major Investors Amid Billion-Dollar Restructuring Push 
Anthropic Fights Pentagon Blacklisting in Dual Federal Court Battles 
Pony.ai, Uber, and Verne Launch Europe's First Commercial Robotaxi Service in Zagreb 
Foreign Investors Pour $18.65 Billion into Japanese Stocks Amid Market Stabilization 
Rio Tinto's California Boron Assets Attract Over a Dozen Bidders, Valued at Up to $2 Billion 
CHARLOTTE, N.C., Aug. 24, 2017 -- Barings, one of the world’s leading asset management firms, announced today that it served as co-lead arranger of a second-lien credit facility to support global private equity firm Warburg Pincus in its acquisition of MSHC Inc. (“Service Logic”) from Sterling Investment Partners (“Sterling”). Barings also participated in providing a senior-secured credit facility and a revolving credit facility to Service Logic. Barings previously provided subordinated debt and an equity co-investment to support Sterling’s investment in Service Logic in 2012.
Service Logic, headquartered in Charlotte, N.C., is the largest independent provider of aftermarket maintenance, repair and replacement services for commercial HVAC equipment, chilled water systems, and building automation and control systems. The company is comprised of leading HVAC service businesses in 34 markets across the United States.
“Barings is excited to work alongside Warburg Pincus to continue supporting the growth of a company we have come to know and respect greatly over the past five years,” said Scott Chappell, Managing Director in Barings’ Global Private Finance Group. “We have been impressed with the results that the Service Logic management team has achieved as they’ve transformed the firm into a national market leader, and we are confident the company will benefit from the deep experience and success Warburg Pincus brings in building businesses of scale.”
About Barings LLC
Barings is a $288 billion* global financial services firm dedicated to meeting the evolving investment and capital needs of our clients. We build lasting partnerships that leverage our distinctive expertise across traditional and alternative asset classes to deliver innovative solutions and exceptional service. A member of the MassMutual Financial Group, Barings maintains a strong global presence with over 600 investment professionals and offices in 16 countries. Learn more at www.barings.com.
*As of June 30, 2017
17/590
Contact: Brian Whelan, Barings, 704.805.7244, [email protected]
