Frontenac recapitalizes Honk Technologies

Frontenac has completed the recapitalization of Honk Technologies, a Los Angeles-based company that provides towing, battery, lockout and other light-duty roadside services through a digital platform linking motorists with independent operators and technicians.

Honk's platform handles customer intake, dispatch and real-time updates, and is used by insurers, automotive OEMs and fleet managers seeking outsourced roadside support. CEO Adam DeWitt said the company plans to build a market-leading platform in the sector alongside Frontenac.

Monroe Capital served as sole lead arranger and administrative agent on a senior credit facility supporting the recapitalization and the company's first add-on acquisition. Frontenac invests $50 million to $150 million of equity in North American businesses with $5 million to $40 million of EBITDA.