Chicago-based leveraged finance division of TCF National Bank, TCF Capital Funding has provided $10.5 million in senior secured credit facilities in support of the recapitalization of Breen. Breen is a current portfolio company of Spell Capital Partners.
TCF Capital Funding (“TCFCF”) , the Chicago-based leveraged finance division of TCF National Bank (“TCF Bank”), announced today that it provided $10.5 million in senior secured credit facilities in support of the recapitalization of East Coast Colorants, LLC d/b/a Breen Color Concentrates and affiliated entities (collectively “Breen” or the “Company”). Breen is a current portfolio company of Spell Capital Partners, LLC (“Spell”).
Based in Lambertville, New Jersey, Breen is a leading manufacturer of custom and stock color concentrates for the plastics industry. Breen develops and produces custom color concentrates, utilizing proprietary formulations and its technical expertise to meet the exacting needs of its customers. In addition to custom formulations, Breen’s range of products includes products using additives and agents to achieve specific physical, chemical, or aesthetic properties. The Company supplies its color concentrates to a number of end markets, and is the market leader in the wire & cable segment.
Edward J. Ryczek, Senior Vice President of TCF Capital Funding, said, “We are excited to enter into this relationship with Spell and with the management team at Breen. We look forward to working closely with both Breen and Spell.”
About TCF Capital Funding
TCF Capital Funding provides asset-based and cash flow lending to lower middle market businesses. National in scope, this senior leveraged lending group focuses on providing asset-based loans and private equity sponsor-backed cash flow loans to companies with less than $100 million in revenue and between $2 million and $10 million in EBITDA. To learn more about TCF Capital Funding, visit www.tcfcapitalfunding.com .
About TCF Bank
TCF Bank is a wholly-owned subsidiary of TCF Financial Corporation (NYSE: TCB), a Wayzata, Minnesota-based national bank holding company with $18.2 billion in total assets at December 31, 2012. The company has nearly 430 branches in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana, Arizona and South Dakota, providing retail and commercial banking services. TCF, through its subsidiaries also conducts commercial leasing and equipment finance business in all 50 states, commercial inventory finance business in the U.S. and Canada, and indirect auto finance business in over 40 states. For more information about TCF, please visit www.tcfbank.com.