MB Business Capital said Tuesday it provided a $6.45 million loan to True Position Technologies, a portfolio company of Vintage Fund Management. True Position makes precision-machined parts and sub-component assemblies for the aircraft, aerospace, semi-conductor, medical and other industries. MB Business Capital is the asset based lending division of MB Financial Bank.
Chicago, IL (PRWEB) June 23, 2015
MB Business Capital, a division of MB Financial Bank, N.A., announced it recently provided a new $6.45 million senior credit facility to Valencia, California-based True Position Technologies (TPT). TPT is a leading manufacturer of precision-machined parts and sub-component assemblies for the aircraft, aerospace, semi-conductor, medical and other industries. Proceeds of the facility will be used to refinance the company’s existing debt, fund working capital and pursue growth initiatives. TPT is a portfolio company of private equity fund Vintage Fund Management of Los Angeles, California.
Vintage Fund Management, is a private investment firm providing structured growth capital in partnership with established lower middle market businesses owned and operated by experienced entrepreneurs. The portfolio companies of Vintage benefit from the decades of private equity and operating experience of the firm’s investment principals to assist and guide in the growth and expansion of their business.
“MB Business Capital took the time to understand our business at a very deep level and tailored a financing package specifically to our short and long-term needs,” commented Allen Sumian, CEO of TPT. “We couldn’t be happier with our new lending structure and we are pleased to have MB as our partner as TPT moves ahead with our business plan.”
“We are extremely pleased to have MB Business Capital as the senior lending partner of TPT.” said Tom Webster, Principal of Vintage Fund Management. “TPT is well positioned for significant growth and the proceeds from the facility will allow TPT to capitalize on the wealth of opportunities available in the market today.”
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 $15 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.