Daily News: July 31, 2013

First Capital Provides $9MM ABL for Sheffield Acquisition


First Capital announced it has provided a $9 million asset-based lending facility to Sheffield Manufacturing, in conjunction with its acquisition by Hancock Park Associates and Next Point Capital.

The senior credit facility consists of a working capital revolver collateralized by accounts receivable and inventory, and a term loan collateralized by machinery and equipment. The financing was used to support the acquisition, refinance existing debt and provide for ongoing working capital needs.

Sheffield is a manufacturer of precision-machined components for the aerospace industry, supplying parts for commercial and defense customers such as Boeing, Lockheed-Martin and Northrop Grumman.

Hancock Park Associates is a Los Angeles-based private equity firm with over $400 million invested in middle market companies since 2002. Next Point Capital is a private equity firm which supports management buyouts, balance sheet restructurings and corporate divestitures focused in the lower middle market.