Daily News: January 23, 2012

FirstMerit Bank Business Credit Closes Two Transactions


FirstMerit Bank Business Credit announced it closed a new $13.75 million revolving credit loan and term loan facility to Akron Hardware Consultants, Inc. on December 16, 2011. Proceeds of the facility were used to make an acquisition, refinance existing debt and provide additional working capital.

Akron Hardware Consultants, Inc., headquartered in Akron, OH, is a nationwide distributor of builder’s architectural hardware and related products.

FirstMerit Bank Business Credit also announced it closed a new $9.9 million revolving credit loan and term loan facility to Energy Manufacturing Company, Inc. on December 21, 2011. Energy Manufacturing Company, Inc. is a portfolio company of Eastport Operating Partners and PNC Erieview Capital. Proceeds of the facility were used to refinance existing debt and provide additional working capital.

Energy Manufacturing Company, Inc., headquartered in Monticello, IA, manufactures and markets hydraulic cylinders and valves.

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.