PNC Provides Financing to Support Watermill Acquisitions
PNC announced it provided $25 million in senior secured revolving credit for Superior Tube Company and Fine Tubes, portfolio companies of the Watermill Group, a private investment firm based in Lexington, MA.
PNC’s revolving credit facility was combined with a term facility from another lender to support Watermill’s acquisition of the manufacturers. The transaction also includes treasury management and foreign exchange products and services.
“Because of their expertise and collaboration, our U.S.- and UK-based lending teams were able to provide the credit necessary to ensure a successful acquisition for Watermill,” said Craig Stillwagon, executive vice president of PNC Business Credit. “This transaction demonstrates PNC