“NRP is excited about the senior debt structure MB has put into place for us. It gives us working capital and capex financing to grow the business and increases our cash flow due to the lower cost of capital.” says Michael Lapczynski, Chief Financial Officer of NRP Jones, LLC.
CHICAGO (PRWEB) February 08, 2018
MB Business Capital, a division of MB Financial Bank, N.A., announced it recently provided a new $23,000,000 senior credit facility to La Porte, Indiana-based NRP Jones, LLC (“NRP” or the “Company”). NRP, founded in 1945, is a manufacturer of hydraulic, industrial, and oilfield hoses, fittings, and assemblies for both OEMs and distributors. MB’s credit facility was used to refinance existing senior indebtedness and will fund working capital needs going forward.
NRP is a portfolio company of Houston, Texas-based Main Street Capital Corporation (“Main Street”). Main Street is a principal investment firm that primarily provides long-term debt and equity capital to lower- middle-market companies and debt capital to middle-market companies. Main Street’s portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings, and acquisitions of companies that operate in diverse industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides “one-stop” financing alternatives within its lower-middle-market portfolio. Main Street's lower-middle-market companies generally have annual revenues between $10 million and $150 million. Main Street’s middle-market debt investments are made in businesses that are generally larger in size than its lower-middle-market portfolio companies.
“We are very happy to begin a new relationship with Main Street and NRP. MB Business Capital is very proud of our ability to provide creative and comprehensive financing solutions to our valued key partners and their portfolio companies. We brought several creative ideas to the Company to maximize the available debt at close,” says Michael Sharkey, President of MB Business Capital.
“NRP is excited about the senior debt structure MB has put into place for us. It gives us working capital and capex financing to grow the business and increases our cash flow due to the lower cost of capital. We look forward to growing our business with MB Business Capital as our financial partner,” says Michael Lapczynski, Chief Financial Officer of NRP Jones, LLC.
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