“This refinancing is one of the key milestones we set for Dedoes upon our acquisition. The management at Dedoes and the professionals at MB Business Capital made this possible. We look forward to a long and fruitful relationship with MB Financial,” said James M. Lynch, Senior Managing Director
CHICAGO (PRWEB) December 18, 2018
MB Business Capital, a division of MB Financial Bank, N.A., announced it acted as sole lender and administrative agent on the funding of a $13,085,000 senior credit facility to Walled Lake, Michigan-based Dedoes Industries, LLC (“Dedoes”). Dedoes is the North American leader in the design and manufacturing of equipment that supports the automotive refinish market. The company’s products are used by auto refinish shops to mix, shake, proportion, formulate, cure and store both water- and solvent-based paint. Dedoes is a portfolio company of Ashland Capital Partners and Graycliff Partners. MB’s credit facility was used to refinance senior indebtedness and to fund working capital needs going forward.
Ashland Capital Partners is a Chicago-based private investment firm devoted to investing in and growing companies in the lower middle market. Ashland acquires controlling interests in companies with values ranging from $10 million to $50 million and strengthens these businesses with targeted, strategic guidance. They invest for the long term, partnering with in-place management teams to create lasting business value. Ashland is a partnership of family and individual investors.
Graycliff Partners is a New York, New York-based investment firm focused on lower middle market investments. Graycliff seeks to partner with companies led by strong, entrepreneurial management teams, providing capital for acquisitions, management buyouts, recapitalizations, growth, and expansion.
“MB Business Capital was able to leverage Dedoes’ fixed assets and consistent cash flow to provide an effective financing solution that included maximum availability against its working capital assets. MB’s new facility paid off the company's senior lender and provided Dedoes with both liquidity for growth and ongoing flexibility to continue to improve its capital structure,” said Michael Sharkey, President of MB Business Capital.
“This refinancing is one of the key milestones we set for Dedoes upon our acquisition. The management at Dedoes and the professionals at MB Business Capital made this possible. We look forward to a long and fruitful relationship with MB Financial,” said James M. Lynch, Senior Managing Director, Ashland Capital 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 $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.