TCF Capital Funding has provided financing to back O2 Investment Partners’ acquisition of Charleston, South Carolina-based SIB Fixed Cost Reduction, a provider of fixed cost reduction services. No financial terms were disclosed.
DETROIT, Michigan – TCF Capital Funding, a division of TCF National Bank, today announced that it provided secured financing to support O2 Investment Partners (“O2”) in their acquisition of SIB Fixed Cost Reduction.
“We are excited to work with O2 Investment Partners again to provide financing for O2’s investment in SIB. We believe SIB provides valuable cost saving services in a wide range of fixed cost categories for its customers. The company’s talented team and service offering positions it well for future growth,” said Nick O’Brien, vice president TCF Capital Funding.
About SIB: Founded in 2008 and headquartered in Charleston, SC, SIB is a leader in fixed cost reduction services providing invoice analysis, vendor negotiation and cost monitoring for customers across numerous expense categories including telecom, utilities, and waste management, among others. SIB has worked with Fortune 500 companies, restaurant groups, hotel groups, regional banks, senior living groups, health systems, grocery stores, retail chains, and everything in between. The company has reviewed $3 billion in spend across 50,000 locations nationwide and maintains benchmark pricing that applies to any industry.
About O2 Investment Partners: O2 Investment Partners is a Midwestern based private equity firm that seeks to acquire majority interests in lower middle market B2B services, technology, and select niche industrial companies. The firm invests in businesses with earnings growth potential and a clear path to the creation of shareholder value. O2 invests with a view toward partnering with management to build and grow the business and take it to its next stage of development.
About TCF Capital Funding: TCF Capital Funding is a national provider of cash flow-based loans to lower middle market businesses with typically $10 to $150 million in revenue and between $2 million and $15 million in EBITDA. Additionally, TCF Capital Funding focuses on supporting private equity sponsors and family offices in their acquisition or recapitalization of these lower middle market companies. To learn more about TCF Capital Funding, visit tcfbank.com/capitalfunding.
About TCF: TCF Financial Corporation (NASDAQ: TCF) is a Detroit, Michigan-based financial holding company with $48 billion in total assets as of September 30, 2020 and a top 10 deposit market share in the Midwest. TCF’s primary banking subsidiary, TCF National Bank, is a premier Midwest bank offering consumer and commercial banking, trust and wealth management, and specialty leasing and lending products and services to consumers, small businesses and commercial clients. TCF has approximately 475 banking centers primarily located in Michigan, Illinois and Minnesota with additional locations in Colorado, Ohio, South Dakota and Wisconsin. TCF also conducts business across all 50 states and Canada through its specialty lending and leasing businesses. TCF National Bank is an Equal Opportunity Lender. All loans and leases subject to approval. To learn more about TCF, visit ir.tcfbank.com.