Daily News: June 20, 2013

Monroe Credit Advisors Places Facilities for FFT Acquisition

Monroe Credit Advisors announced that it placed an undisclosed amount of senior secured credit facilities for its client, Detroit Technologies, (DTI), to effect the acquisition of Formed Fiber Technologies (FFT). The facilities were made up of a revolver and equipment lease provided by First Merit Business Capital, FFT’s incumbent lender. GemCap Lending also provided committed term debt to finance critical capital expenditures to support new business expansion for FFT.

Christopher Gentry, managing director of Monroe Credit Advisors, said, “Working closely with DTI’s senior management team and financial advisor, BBK, LTD., a leading business advisory and performance improvement firm, we were able to expedite closing of the debt facilities, which was critical to completing the acquisition.”

Mark Gertzof, managing partner of the firm added, “We are particularly pleased with the urgency and resources put forth by First Merit and GemCap to get to the deal successfully closed.”

DTI is a Tier 1 automotive supplier that produces interior components and acoustic systems for a number of large volume, global automotive manufacturers and their well-known vehicle brands.

Steven Phillips, president and CEO of DTI said, “We hired Monroe Credit Advisors to manage an expedited process to secure the necessary debt capital we needed to purchase FFT. The transaction posed a number of challenges for our management team and transactional advisors, but with everyone working together we were successful in closing on the acquisition.”

FFT is a supplier of needle punched nonwoven fabrics and polyester staple fibers to OEMs and converters, primarily in the automotive industry.

Monroe Credit Advisors provides debt capital solutions to middle-market companies and their investors through strategies built for today’s dynamic credit markets.