The PrivateBank extended $13 million in credit facilities to Ashland Foundry and Machine Works and West Coast Foundry.

Ashland is a manufacturer of steel, chrome, iron and high alloy castings for the industrial pump industry headquartered in Ashland, PA. WCF manufactures cast impellers for industrial pump OEMs and is headquartered in Vernon, CA.

Ashland and WCF are portfolio companies of Speyside Equity, an operationally focused private equity firm that has been investing in manufacturing-related businesses since 2005.

“We are pleased that Speyside Equity has once again chosen The PrivateBank to meet its lending needs,” said Bruce Denby, group head, asset-based lending at The PrivateBank. “We look forward to working with Speyside and Ashland to help them reach their growth goals.”

“We appreciate The PrivateBank’s ability to provide us with a firm indication of the requirements to secure this financing and the bank’s ability to close quickly within a tight timeframe,” said Jeffrey Stone, managing director of Speyside Equity.

Chicago-based The PrivateBank, an indirect wholly owned subsidiary of CIBC, provides tailored commercial, wealth management, personal and small business financial solutions.