TD Bank, via its Asset-Based Lending Group, has provided $39 million in financing to support the acquisition of Albert Tire Co. by Bennett Capital Partners. Albert Tire is a wholesale distributor of tires in the Mid-Atlantic region, and is based in West Deptford, N.J. Terms of the acquisition were not released.
TD Bank, America’s Most Convenient Bank®, announced today that their Asset-Based Lending Group has provided $39 million in financing to support the acquisition of Albert Tire Company by Bennett Capital Partners, LLC, and a private investment firm. The credit facilities consist of a $35 million revolver and a $4 million term loan.
Albert Tire Company is leading wholesale distributor of tires in the Mid-Atlantic region and is headquartered in West Deptford, N.J.
Joe Nemia, Head of Asset Based Lending at TD Bank, commented, “This financing clearly demonstrates TD Bank’s appetite to support the middle market private equity community. We are excited about these two groups’ vision for this business and look forward to a long and prosperous relationship as their financial partner.”
“The TD team has been a pleasure to work with,” said Adam Bennett, Managing Partner of Bennett Capital Partners. “Their industry knowledge and business acumen added real value to the deal process. We look forward to growing this business with TD Bank as our financial partner.”
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