Daily News: July 29, 2014

Cole Taylor Provides $14MM Great Western Recapitalization

Cole Taylor Business Capital announced it provided a $14.17 million senior credit facility to Great Western Co. The facility was used to refinance Great Western’s existing senior and junior debt, which significantly reduced their cost of capital and improved their financial covenant package. The financing also supports the company’s ongoing working capital and capital expenditure needs.

Lawrence Weinbach, managing director of Yankee Hill Capital Management said, “Cole Taylor took the time to get to know our business, to understand our capital structure needs and then developed a strong proposal. The facility was structured in a way which fully meets our current needs and provides flexibility to accommodate our future growth. They delivered on what they promised in a timely manner.”

Michael Sharkey, president of Cole Taylor Business Capital, said, “Our team takes pride in providing our customers with the best solutions possible. We are pleased that we were able to execute a customized transaction for Great Western and look forward to our new relationship with them.”

Great Western is a vertically integrated manufacturer and distributor of food and nonfood concession products, concession supplies and janitorial cleaning solutions primarily servicing distributors in the entertainment and foodservice industries. The company has been owned since 2009 by Yankee Hill Capital Management.

Yankee Hill Capital is a private equity firm with offices in New York and California.