"The MB Business Capital team was able to meet our needs in a very expeditious manner that was specifically tailored for PlayMonster.” says Stephen Parks, Principal of Topspin Partners.
Chicago,IL (PRWEB) December 06, 2016
MB Business Capital, a division of MB Financial Bank, N.A., announced it recently provided a new senior credit facility to Beloit, Wisconsin-based PlayMonster, LLC, formerly known as Patch Products. PlayMonster is a leading national manufacturer and marketer of family entertainment products, specializing in games, children's puzzles, toys, activities and teaching tools. The company has won various awards for its toys and games, including My Fairy Garden Magical Cottage, Roominate, 5 Second Rule, Chrono Bomb, and Yeti in My Spaghetti. Proceeds of the new credit facility were used to refinance existing debt and fund working capital needs to support continuing growth of the business.
PlayMonster is a portfolio company of Mamaroneck, New York-based Topspin Partners, which purchased the company in 2014. Topspin Partners is a private equity firm that focuses on control investments in lower middle-market companies with $2 million to $10 million of EBITDA. The firm focuses on investing in defensible and differentiated companies operating in the industry verticals of consumer, information services, and health & wellness. Topspin Partners was founded in 2000 and has $250MM of assets under management. In addition, Westport, Connecticut-based Balance Point Capital Partners provides PlayMonster with a mezzanine debt facility.
“MB Business Capital is very pleased to welcome PlayMonster as a new customer and to team up with Topspin and Balance Point to support this great company. We were able to deliver a resourceful facility that supports their plan to broaden product offerings and continue the company’s growth strategy.” says Michael Sharkey, President of MB Business Capital.
“Topspin was looking for a partner that could support the continued growth of PlayMonster and deliver a flexible financing solution. The MB Business Capital team was able to meet our needs in a very expeditious manner that was specifically tailored for PlayMonster.” says Stephen Parks, Principal of Topspin Partners.
About MB Business Capital
MB Business Capital is the asset based lending division of MB Financial Bank, a commercial bank headquartered in Chicago, Illinois. MB Business Capital seeks asset based lending opportunities in the $5 million to $50 million range and is offering dedicated syndication opportunities of up to $100 million. The firm can also provide access to the full range of business banking products and services offered by MB Financial Bank.
About MB Financial, Inc. (NASDAQ: MBFI)
MB Financial Inc. is the Chicago-based holding company for MB Financial Bank, which has approximately $19 billion in assets and a more than one hundred year history of building deep and lasting relationships with middle-market companies and individuals. MB offers a full range of powerful financial solutions and the expertise and experience of bankers who are focused on their clients’ success. Learn more about MB Financial, Inc. at http://www.mbfinancial.com.