In particular, Sylvester Gbewonyo's effort along with Frank Wind, our CFO, led to successful completion of this transaction with the best interests of Superior Plating at the forefront of all negotiations.
Chicago, IL (Vocus) July 24, 2009
Houlihan Smith & Company, Inc. ("Houlihan") acted as exclusive financial advisor and placement agent in arranging a credit facility for its client, Superior Plating, Inc. ("Superior Plating" or "the Company") it was announced today by Charles Botchway, Group Managing Director and Vice Chairman of Houlihan. The credit facility was provided by Minneapolis-based Northeast Bank. The transaction team was led by Houlihan Managing Director Sylvester Gbewonyo. Terms of the deal were not disclosed.
"Houlihan has been tremendously instrumental in securing more effective credit lines as well as pursuing ongoing efforts to secure additional financing that will provide tremendous benefit to the company's long-term growth and profitability," said Mike McMonagle, President of Superior Plating. "In particular, Sylvester Gbewonyo's effort along with Frank Wind, our CFO, led to successful completion of this transaction with the best interests of Superior Plating at the forefront of all negotiations."
Founded in 1919, Superior Plating is a metal finishing shop that provides various metal finishing services to manufacturers within a 250-mile radius of its headquarters in Minnesota's Twin Cities. The Company was formed as Superior Plating and Rustproofing, and was incorporated in 1946 as Superior Plating, Inc. In the early 1960s, Superior Plating acquired a St. Paul, Minnesota metal finisher, Plating, Inc., which increased the Company's capabilities and customer base. The Company instituted an Employee Stock Ownership Plan in 1986, and became 100% employee owned in 1999.
Northeast Bank is a premier independent community bank committed to providing quality products and exceptional service. Northeast Bank provides cutting edge technology coupled with a high level of personal service. Their offices are located in Northeast Minneapolis, Columbia Heights, and Coon Rapids.
Houlihan Smith & Company, Inc. ("Houlihan"), http://www.houlihansmith.com, is a specialized investment banking firm that provides advisory, financing, and valuation services to public and private businesses. Houlihan is a registered broker-dealer and FINRA/SIPC Member. Houlihan understands the time sensitivity of corporate finance, and responds quickly and tenaciously to opportunities.
The Houlihan approach creates corporate finance transactions in which business owners and investors mutually benefit. We have the knowledge, experience and relationships to match buyers and sellers, as well as to match the appropriate financing and capitalization structure to each unique client situation. The Houlihan name is synonymous with professional financial expertise. We provide cost-effective fairness and solvency opinions, as well as valuations for tax and financial reporting to some of the largest NYSE/NASDAQ companies, as well as small, privately held businesses.