Whitworth’s industry and product diversification along with the new lending facility puts then in a prime position to expand their footprint and increase revenues.” says Michael Sharkey, President of MB Business Capital.
Chicago, IL (PRWEB) July 19, 2017
MB Business Capital, a division of MB Financial Bank, N.A., announced it recently provided a new $8,000,000 senior credit facility to Hardinsburg, Kentucky-based Whitworth Tool, Inc. (“Whitworth”). Whitworth is a full service precision machine shop that manufactures precision parts and executes quick turn-around emergency repair work. The company provides its services to a diverse base of industries including aerospace, automotive, defense, energy, and pharmaceuticals. Whitworth is a portfolio company of Capital for Business, Northcreek Mezzanine and Diamond State Ventures. MB’s credit facility will be used to fund working capital needs.
Capital for Business (“CFB”), founded in 1959, is a St. Louis based private investment firm. The firm currently has $200 million of assets under management and 25 active portfolio companies. CFB targets investments arising from management buyouts, leverage buyouts, recapitalizations, corporate divestitures, growth financings and going-private transactions.
Northcreek Mezzanine (“Northcreek”), founded in 2010, is a mezzanine debt and equity provider based in Cincinnati, Ohio. Northcreek provides structured mezzanine and equity investments to lower middle-market companies. It is a licensed Small Business Investment Company ("SBIC"), managing approximately $250 million across two funds. Northcreek seeks to invest $1 – 12 million in a variety of transactions, including recaps, LBOs, MBOs, acquisitions, refinancings and growth refinancings.
Headquartered in Little Rock, Arkansas, Diamond State Ventures ("DSV") is a licensed Small Business Investment Company ("SBIC") engaged in providing subordinated debt and equity financing to lower middle market companies across the United States. With approximately $225 million in invested and committed capital under management across three funds, DSV will participate in a variety of transactions including growth/expansion financings, recapitalizations, and buyouts across several industry segments. DSV seeks to invest $3 - $7 million as a sole investor and can facilitate and participate in larger financings through an expansive network of co-investment partners.
"MB Business Capital welcomes Whitworth Tool. We have worked with Capital for Business, Northcreek Mezzanine and Diamond State Ventures in the past and we are very pleased to do another transaction together. Whitworth’s industry and product diversification along with the new lending facility puts then in a prime position to expand their footprint and increase revenues.” says Michael Sharkey, President of MB Business Capital.
“MB Financial provided a creative solution that met the needs of Whitworth Tool. MB’s process was collaborative and we are pleased to be partners in Whitworth’s future,” said Chris Redmond, Senior Vice President, Capital for Business.
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 $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.