Crystal Financial closed a $25 million senior credit facility for Standard Diversified Opportunities (SDOI).

SDOI is a publicly-traded holding company which invests directly in middle-market operating businesses. To date, the company’s investments include a majority stake in Turning Point Brands and ownership of New York-based Maidstone Insurance Company, an auto, personal property and casualty insurance business.

Proceeds from the financing will be used for further strategic acquisitions of operating businesses.

“We believe there are ample opportunities to make attractive investments in this market. Yet our ability to do so is, in part, dependent on a financing partner that understands our investment thesis and vision. Crystal Financial took a thoughtful approach to generate liquidity from our portfolio companies and created a loan structure designed to provide us with both flexibility and access to capital for future acquisitions,” said Greg Baxter, executive chairman, SDOI.

Crystal Financial, a portfolio company of Solar Capital, is an independent commercial finance company that provides senior and junior secured loans for both asset-based and cash flow financings.