TD Bank Provides Equipment Distributor Credit Facility
TD Bank announced that its Pennsylvania Middle Market Team was recently selected by The Modern Group of Bristol, PA, to provide a sizeable new credit facility. The amount of TD’s commitment and terms of the financing were not disclosed.
The purchase of industrial equipment is expected to increase as companies continue to put cash reserves to work in the year ahead, creating a competitive market for distributors. Agriculture, construction, materials handling and transportation are key segments driving the growth in the industrial equipment sector.
Michael Carbone, TD Bank’s regional president for Metro Philadelphia, commented, “TD Bank has extensive experience creating flexible financing solutions for companies like The Modern Group and our commitment to being a full-service banking partner is evident in this new relationship. We look forward to working with The Modern Group to support their business growth and day-to-day banking needs.”
Paul Farrell, president and CEO of The Modern Group, said, “We are thrilled to be working with a premier financial institution like TD Bank and are happy that TD recognizes the value that The Modern Group brings to its 6,000 customers in the Mid-Atlantic Region. We are looking forward to a long term relationship with what is truly ‘America’s Most Convenient Bank’.”
The Modern Group is an industrial equipment distributor with divisions dedicated to forklifts, power systems, arborists and warehouse products.