Dresner Advises Maclean-Fogg on Senior Subordinated Debt
Dresner Partners recently served as advisor to MacLean-Fogg Company on its issuance of $100 million of senior subordinated debt to Ares Capital. As a result of the transaction, MacLean-Fogg significantly reduced its overall cost of capital and positioned the company to continue its strong growth trajectory.
For almost 90 years, MacLean-Fogg has partnered with key customers to engineer, manufacture and distribute products for the automotive and power utility marketplaces worldwide. The company is comprised of two primary businesses: MacLean Power Systems and MacLean-Fogg Component Solutions. MacLean Power Systems is a manufacturer of products for electric utility, telecommunications and civil markets. MacLean-Fogg Component Solutions is a manufacturer of fastener components, engineered components and linkage and suspension components for automotive, heavy truck, aerospace and other diverse industries.
“MacLean-Fogg has worked with Dresner Partners on multiple financings and M&A transactions, and we are extremely pleased with the favorable results of this financing,” said George H. Cook, SVP, Finance & Chief Financial Officer of MacLean-Fogg. “Steve Dresner, Paul Hoffman and their team conducted a thorough and expedient process that exceeded our expectations.”
“We always enjoy working with the MacLean-Fogg team,” said Steven Dresner, president of Dresner Partners. “The company is a world-class organization and received a high level of interest from the lending community.”
Paul Hoffman, SVP, Dresner Partners, added, “It was a pleasure working with both MacLean-Fogg and Ares Capital in consummating a transaction that optimizes MacLean-Fogg’s balance sheet.”
Founded in 1925, MacLean-Fogg Company is a group of global enterprises that partner with key customers to engineer, manufacture and distribute products for the transportation, power and OEM markets worldwide.