NewStar Provides $11.25 Million to Support Ultra Pro Acquisition
Wednesday, June 13, 2012
NewStar Business Credit, a wholly owned subsidiary of NewStar Financial, Inc., announced that it has provided $11.25 million of senior secured financing to support the acquisition of the Collectibles Division of Ultra Pro Corporation (UPC) by Ultra Pro International LLC, an investment vehicle formed by Rosenberg Investment Group.
Headquartered in Commerce, CA, Ultra Pro is a manufacturer and distributor of branded gaming and collectible accessories, as well as, photo and digital media storage products.
The credit facilities consisted of an asset-based, revolving line of credit and term loan, as well as, a senior secured stretch loan. The credit facilities were used to fund the purchase of UPC's assets and will also support ongoing working capital requirements.
"Ultra Pro is a well run, dynamic company and we were pleased with the opportunity to provide acquisition financing and continue to support the growth and success of Ultra Pro," NewStar EVP Milton Iskra stated. Mark Locher, SVP, originated the transaction for NewStar.
"The team at NewStar understood the business and was willing to look at the opportunity from all perspectives. Their diligence played a key role in helping everyone get to the finish line", stated Jay Kuo, senior vice president and general manager of Ultra Pro.
NewStar Business Credit provides asset-based and senior, secured "stretch" loans nationally to middle-market companies with credit requirements between $5 million and $25 million.
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