Crystal Financial Provides $30MM Term Loan for Brake Parts
Crystal Financial announced the closing of a $30.0 million senior term loan for Brake Parts (BPI). Proceeds from the facility will be used to provide for ongoing working capital and a shareholder distribution. The loan matures in February 2020.
The company’s global manufacturing footprint, its leadership position, and the reputation of its products are only a few of the company’s many attributes. Throughout the process, we were highly impressed with management as well as the shareholders and their vision for the company”, commented Mirko Andric, director at Crystal. “We are pleased to be a part of this transaction.
“Crystal delivered on the proposed structure and worked closely with our existing ABL agent to close the transaction. They demonstrated the ability to quickly understand our business and industry and we look forward to the partnership.” said David Overbeeke, BPI’s chief executive officer.
McHenry,IL-based BPI designs, manufactures and distributes brake parts and systems for the aftermarket automotive sector in North America.