MB Business Capital, a unit of MB Financial Bank, has provided a $10 million credit facility to Iselin, New Jersey-based Taylored Services LLC, a third-party logistics provider. Taylored is backed by Saybrook Capital.
CHICAGO (PRWEB) JULY 12, 2018
MB Business Capital, a division of MB Financial Bank, N.A., announced it recently provided a new $10,000,000 senior credit facility to Iselin, New Jersey-based Taylored Services, LLC (“Taylored”). Taylored is a fully integrated third-party logistics provider specializing in wholesale, retail and direct-to-consumer unit fulfillment services with expertise in apparel, footwear and accessory distribution.
Taylored operates within close proximity to the gateway ports of Los Angeles/Long Beach, California and Newark, New Jersey. MB’s credit facility was used to fund the recapitalization of the existing debt structure and working capital needs.
Taylored is a portfolio company of Los Angeles-based private equity firm Saybrook Capital, LLC (“Saybrook”). Saybrook was founded in 1990 and makes investments across several sectors, including logistics. Saybrook targets investments in lower middle-market companies experiencing operational or financial challenges.
Said Al-Alaoui, Principal at Saybrook, stated: “It was a pleasure working with the professionals at MB. MB’s support, attention to detail and flexibility in working through business consideration led to an efficient close. This transaction positions Taylored to achieve its strategic goals while reducing its cost of debt.”
“We are excited to partner with MB in our new capital structure. With MB’s capability and deal structure, we will be more efficient in treasury management, and we have lowered our cost of capital. This positions us well for growth,” said Michael Yusko, Chief Financial Officer, Taylored Services, LLC.
“This particular deal took quite a long time to come to fruition and our team went above and beyond to complete a successful closing without missing a beat. We couldn’t be happier to welcome Taylored Services and we look forward to a great relationship,” said Michael Sharkey, President of MB Business Capital.
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