Daily News: October 8, 2014

NewStar Provides $10MM Revolver to Climax Manufacturing

NewStar Business Credit announced it provided a $10 million revolving credit facility to Climax Manufacturing.

Climax is majority owned by DeltaPoint Capital Management, a NY-based private equity firm. The credit facility will be used to help facilitate a corporate reorganization and to support ongoing working capital needs.

“Through a complex multi-lender refinancing, NewStar demonstrated exceptional flexibility and cooperative spirit that allowed us to close with all parties. Their willingness to understand our business model and work collaboratively to overcome hurdles has set the stage for a long-term successful partnership,” said Rob Bloom, treasurer of Climax.

“We are pleased to partner with Climax to meet their financing needs and help enable them to meet their strategic goals”, stated Milton Iskra, national marketing manager for NewStar Business Credit.

Lowville, NY-based Climax is a manufacturer of quality folding cartons used primarily in the specialty retail and supermarket sectors.