Daily News: April 13, 2012

FirstMerit Bank Business Credit Closes Three Transactions


FirstMerit Bank Business Credit announced it closed a new $9 million revolving credit loan facility to Colorbok, LLC on March 5, 2012.Proceeds of the facility were used to partially finance the acquisition of Colorbok by Lazear Capital and provide ongoing working capital.

Colorbok, LLC, headquartered in Ann Arbor, MI, is a designer and distributor of scrapbooking products, stationary, and children’s crafts and activity products.

FirstMerit Bank Business Credit also completed a new $8.5 million revolving credit loan facility to Summit Steel Corporation on March 9, 2012.Proceeds of the facility were used to refinance existing debt and provide additional working capital.

Based in Chagrin Falls, OH, Summit Steel Corporation is a distributor of hot rolled and cold finished alloy and carbon bar stock including SBQ stock used in various forging, machining and cold-drawing industries.

FirstMerit Bank Business Credit provided a new $9.75 million revolving credit and term loan facility to Compass Chemical International LLC on March 22, 2012.Proceeds of the facility were used to refinance existing debt and provide additional working capital.

Compass Chemical International LLC, headquartered in Elgin, IL, is a manufacturer and blender of specialty chemicals serving the water treatment, oilfield, recreational and industrial cleaning markets.

FirstMerit Bank Business Credit provides working capital and term loan facilities to middle-market companies for acquisitions, LBOs, MBOs recapitalizations, rapid growth, seasonal working capital build-up and turnaround situations.