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Amalgamated Capital Leads Senior Financing for ShoreView Industries' Acquisition of Abrasive Products & Equipment
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NEW YORK, NY, July 6, 2010 - Amalgamated Capital (AmalCap), the recently formed sponsor leveraged finance division of Amalgamated Bank, announced today it served as Lead Arranger and Administrative Agent for a senior secured credit facility in support of the recapitalization of Abrasive Products & Equipment, LLC (APE) by ShoreView Industries (ShoreView). The amount of the facility was undisclosed. AmalCap provides cash flow-based senior debt financing to support investments made by private equity sponsors in high quality, lower middle market companies.
Headquartered in Deer Park, TX, APE is a leading distributor of abrasive products and related equipment used in blast and painting applications in the Gulf Coast Region. With $600 Million under management in private equity funds, Minneapolis-based ShoreView invests in middle-market companies across a wide range of industries.
"This is our first transaction with ShoreView, and it was a pleasure to work with Jeff Mudge, Scott Gage and the entire ShoreView team," said Timothy Clifford, Executive Vice President and Head of Amalgamated Capital. "Like AmalCap, they target high quality companies in the lower middle market sector and have an excellent track record."
"We had a high degree of comfort with AmalCap because ofthe immediate chemistry they established with our management team and their successful track record in financing companies involved in value-added distribution. Equally important, they have the capability to continue serving our business as it grows," commented Steve Robbins, Chief Executive Officer of APE.
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About ShoreView IndustriesShoreView invests in established, middle-market companies with North American operations across a wide range of industries. ShoreView structures a variety of acquisition, recapitalization and build-up transactions, typically in businesses with revenues ranging between $20 million and $300 million. The partners at ShoreView have completed over 60 lower middle-market transactions during the past several years. For additional information, visit www.shoreviewindustries.com.
About Abrasive Products & Equipment, LLC
Abrasive Products & Equipment, LLC, with headquarters in Deer Park, Texas, is a full-service specialty distribution company. APE concentrates on the sale, service and rental of portable air blast and related equipment for the Gulf Coast Region. APE has become the leader for distribution and has established a reputation for superior sales, service and rentals. For additional information, visit www.apeblastandpaint.com.
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About
Amalgamated Capital -
Amalgamated Capital (AmalCap), launched in September, 2009, is the leveraged finance division of Amalgamated Bank; a New York City-based and privately-owned commercial bank with over $4.5 billion in assets.
Amalcap is focused exclusively on building strong, long-term relationships with private equity sponsors by delivering timely and reliable cash flow-based senior debt financing solutions for investments in the lower middle-market.
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Company Criteria:
EBITDA of $3MM to $15MM
Strong Historical Cash Flow
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Headquartered in U.S
Private Equity Owned
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Senior Debt up to $50MM
Commitments up to $25MM
Target Hold Levels up to $15MM
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