White Cap Arranges Recapitalization

White Cap Industries Inc., which sells tools to building contractors in the West, said Friday that it and investor Leonard Green & Partners have obtained commitments for $75 million to recapitalize the operation.

The Costa Mesa company said that the financing commitments are subject to completing a definitive agreement and other “customary closing conditions.”

A management buyout group, along with Leonard Green, has agreed to pay $16.50 a share, or $240 million, for the company.