PNC Provides $150MM for Platinum’s Acquisition of SMW Automotive
PNC Bank announced a $150 million in senior and junior secured financing for SMW Automotive, a portfolio company of Los Angeles-based private equity firm, Platinum Equity.
Headquartered in Troy, MI, SMW Automotive is an international Tier 1 supplier of automotive chassis and suspension parts and subassemblies. The company specializes in the design, engineering, validation, machining and assembly of cast iron, aluminum and forged steel automotive components.
The funds were used to partially fund the acquisition of SMW by Platinum Equity in the first quarter of this year and to provide for ongoing working capital needs.
Steel City Capital Funding, a division of PNC Bank, which focuses on structured financial solutions, provided the junior secured financing. PNC Capital Markets led the syndication of both the senior and junior credit facilities.