Houston-based flooring provider T&L Distributing LTD has secured a $22.2 million credit facility from MB Business Capital, a division of MB Financial Bank. T&L is backed by Warrior Creek LLC.
CHICAGO, IL (PRWEB) JANUARY 13, 2016
MB Business Capital, a division of MB Financial Bank, N.A., announced it recently provided a new $22.2 million senior credit facility to Houston, Texas based T&L Distributing, LTD. T&L is one of the largest flooring distributors in the nation, with seven regional warehouse locations, covering Texas, Oklahoma, Louisiana, Mississippi, Arkansas, New Mexico, and they regularly ship nationwide. Proceeds of the facility were used to assist Warrior Creek in the purchase of the company, refinance existing debt and to fund working capital needs.
T&L Distributing is a portfolio company of Warrior Creek, LLC. Warrior Creek, LLC is a Dallas, Texas-based private equity investment firm that invests in U.S. middle-market companies.
“We are very happy to welcome T&L and Warrior Creek to MB. We know and understand the building material industry as almost 10% of our portfolio consists of building material related manufacturing, wholesale or distribution companies,” says Michael Sharkey President of MB Business Capital.
Tom Karol, CEO of Warrior Creek says, “I am excited to partner with the excellent management team at T&L and to be back in the flooring industry. I appreciate the MB professionals for helping me facilitate this transaction.”
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. Learn more about MB Financial, Inc. at http://www.mbfinancial.com.