ShoreView Industries has sponsored a recapitalization of Abrasive Products & Equipment LLC, a Deer Park, Texas-based distributor of portable air blast and related equipment for the Gulf Coast Region. No financial terms were disclosed, except that Amalgamated Capital provided a senior secured credit facility.
Amalgamated Capital (AmalCap), the recently formed sponsor leveraged finance division of Amalgamated Bank, announced today it served as Lead Arranger and Administrative Agent for a senior secured credit facility in support of the recapitalization of Abrasive Products & Equipment, LLC (APE) by ShoreView Industries (ShoreView). The amount of the facility was undisclosed. AmalCap provides cash flow-based senior debt financing to support investments made by private equity sponsors in high quality, lower middle-market companies.
Headquartered in Deer Park, TX, APE is a leading distributor of abrasive products and related equipment used in blast and painting applications in the Gulf Coast Region. With $600 million under management in private equity funds, Minneapolis-based ShoreView invests in middle-market companies across a wide range of industries.
“This is our first transaction with ShoreView, and it was a pleasure to work with Jeff Mudge, Scott Gage and the entire ShoreView team,” said Timothy Clifford, Executive Vice President and Head of Amalgamated Capital. “Like AmalCap, they target high quality companies in the lower middle-market sector and have an excellent track record.”
“We were on a very fast track for this transaction,” said ShoreView Partner Scott Gage. “AmalCap approved, closed, and funded the deal within a two-week timeframe. It was a tremendous turnaround on their part, and it left no doubt about their ability to execute on-time and as promised. We look forward to working together on future transactions.”
“We had a high degree of comfort with AmalCap because of the immediate chemistry they established with our management team and their successful track record in financing companies involved in value-added distribution. Equally important, they have the capability to continue serving our business as it grows,” commented Steve Robbins, Chief Executive Officer of APE.
About Amalgamated Capital
Amalgamated Capital (AmalCap), founded in September, 2009, is the sponsor leveraged finance division of Amalgamated Bank; a New York City-based and privately-owned commercial bank with $4.5 billion in assets. AmalCap is dedicated to creating strong, long-term partnerships with private equity sponsors and focuses exclusively on providing cash flow-based senior debt financings to support investments in high quality, lower middle-market companies. Its borrowers operate in a diverse array of industry sectors and generally have annual revenue ranging from $20 million to $150 million and EBITDA of $3 million to $15 million.
AmalCap offers a wide range of financing products including revolving lines of credit, term loans, and senior-stretch/one-stop financings along with best-in-class treasury management services provided by Amalgamated Bank. AmalCap’s streamlined approach to financing involves a responsive approval process tailored to meet the time-sensitive needs of our private equity partners. Its financing activity is supported by traditional long-term capital provided by the deposit base of Amalgamated Bank. This stable source of funding gives AmalCap a lending capacity that provides flexible financing solutions tailored to fit a transaction’s unique needs and the patience and dependability to be a trusted partner. Visit AmalCap on line at www.amalcap.com.
Amalgamated Bank, established in 1923 by the Amalgamated Clothing Workers of America, continues the progressive traditions of its founders as the only union-owned bank in the United States. Chartered by New York State, Amalgamated Bank is an FDIC insured commercial bank. The Bank’s corporate divisions – in addition to Amalgamated Capital – include Retail Banking, Institutional Asset Management and Custody, Commercial Banking, and Real Estate Finance. The Bank’s website is www.amalgamatedbank.com.
About ShoreView Industries
ShoreView invests in established, middle-market companies with North American operations across a wide range of industries. ShoreView structures a variety of acquisition, recapitalization, and build-up transactions, typically in businesses with revenues ranging between $20 million and $300 million. The Partners at ShoreView have completed over 60 lower middle-market transactions during the past several years. For additional information, visit www.shoreviewindustries.com.
About Abrasive Products & Equipment, LLC
Abrasive Products & Equipment, LLC, with headquarters in Deer Park, Texas, is a full-service specialty distribution company. APE concentrates on the sale, service, and rental of portable air blast and related equipment for the Gulf Coast Region. APE has become the leader for distribution and has established a reputation for superior sales, service, and rentals. For additional information, visit www.apeblastandpaint.com.