Daily News: May 6, 2014

First Capital Provides $8.3MM ABL to Dan-Loc

First Capital announced that it has provided an $8.3 million asset-based senior credit facility to Dan-Loc, d/b/a Dan-Loc Bolt & Gasket, a U.S. manufacturer and distributor of stud bolts and metal gaskets used in energy and industrial segments.

The senior credit facility consists of a $7.5 million working capital revolver collateralized by accounts receivable and inventory and an $800,000 term loan collateralized by machinery and equipment.

“We are happy that First Capital could see the value in both our product and growth strategy,” stated Thomas Connolly, president and CEO of Dan-Loc. “We have always manufactured a top quality product and needed a lender that could understand our position in the market.”

Keven Shanahan, partner at Argosy Partner, the majority Private Equity Group investor of Dan-Loc, indicated, “First Capital was responsive and showed flexibility throughout the process while working on the best solution for us and Dan-Loc. We are happy to have First Capital supporting our portfolio company and look forward to working with them on future opportunities.”

This transaction was sourced by Calvin Navatto and will be serviced by First Capital’s Eastern Region, managed by John Nooney and located in Atlanta, GA.