We appreciate the support, creativity, and flexibility that MB Business Capital provided to Spell and Adler." says Stacy Harmsen, Managing Director of Spell Capital Mezzanine Partners.
CHICAGO (PRWEB) November 28, 2017
MB Business Capital, a division of MB Financial Bank, N.A., announced it recently provided a new $6,000,000 senior credit facility to Vernal, UT-based Adler Hot Oil Service, LLC (Adler). Adler provides heating services for oil and gas well sites. MB’s credit facility was used to refinance existing senior indebtedness and will fund working capital needs going forward.
Spell Capital Mezzanine Partners (Spell) made a capital investment in Adler. Spell provides subordinated debt and non-control equity to businesses in a variety of industries across the United States. They finance leveraged acquisitions backed by lower middle-market private equity sponsors, management- and family-driven ownership transitions, add-on acquisitions, recapitalizations, and growth initiatives.
“MB Business Capital stepped up to help its SBIC partner Spell Capital refinance Adler. Despite being in the difficult oilfield services industry, MB was able to structure a loan that helped keep Adler operating as it headed into the busy season,” says Michael Sharkey, President of MB Business Capital.
“We appreciate the support, creativity, and flexibility that MB Business Capital provided to Spell and Adler. Following the senior debt refinancing, Adler is very well positioned to capitalize on the continued recovery in the sector,” says Stacy Harmsen, Managing Director of Spell Capital Mezzanine 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 $35 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 $20 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