Forward for Specialty Finance
2025 Dealmakers – Recapitalization
| LENDER | BORROWER | INDUSTRY | ROLE | AMOUNT (<$1B) | STRUCTURE | ABOUT THE DEAL |
|---|---|---|---|---|---|---|
| Ares Commercial Finance & Great Rock Capital | Fossil Group | Watch & Accessories Manufacturing | Administrative Agent & Lender | $150.0 | Senior Secured Revolving Line of Credit | To support ongoing business transformation and support working capital needs. |
| Austin Financial Services, Inc. | Pacific Northwest Vegetation Management Company | Vegetation Management & Brush Maintenance | Lender | $5.0 | AR Financing Facility | To refinance existing bank facility and to leverage the additional working capital to support projected revenue growth. |
| BMO | Willdan Group, Inc. | Technical & Consulting Services | Administrative Agent | $200.0 | Credit Facilities Amendment | To provide flexibility and control in debt management |
| Bridge Bank | AudioEye, Inc. | Digital Accessibility | Lender | $20.0 | Term Loan, Revolver & Acquisition Funding | To replace existing term loan as well as provide financing for potential "tuck-in" acquisitions |
| Citizens Bank, N.A. | VSE Corporation | Aviation | Administrative Agent | $700.0 | Refinancing of Term Loan & Revolver | To refinance & replace previous debt arrangements |
| Comvest Credit Partners | Allied OMS | Healthcare MSO | Administrative Agent | $245.0 | Senior Secured Credit Facility | To refinance Allied’s existing debt and support its future growth initiatives |
| Crown Partners | CorTech International | Staffing Solutions | Advisor | $70.0 | Unitranche Financing | To enhance liquidity and flexibility |
| East West Bank | Cineverse Corp. | Entertainment | Lender | $15.0 | Expanded Line of Credit Facility | To enable contaent creation and investments for growth |
| eCapital | Midwest-based Beverage Manufacturing | Beverage | Lender | $10.0 | Revolving Line of Credit | To unlock liquidity to fund production & stabilize supply chain operations |
| Entrepreneur Growth Capital | West Coast-based Corporate Relocation Company | Corporate Relocation & Housing | Lender | $7.5 | Line of Credit | To provide availability against accounts receivable and to provide additional working capital for certain startup expenses |
| First Business Bank | Texas Manufacturer of metal parts | Precision-Machined Metal Parts Manufacturing | Lender | $6.85 | Revolving Line of Credit, CapEx equipment line of credit and real estate term loan | To refinance to provide working capital needed for financial flexibility |
| Gibraltar Business Capital | Hayes Performance Systems | Global Manufacturing | Lender | $12.0 | Asset-Based Credit Facility | To increase liquidity |
| Great Rock Capital | Panavision Inc. | Cinema Equipment | Agent | $130.0 | Senior Secured Revolving Credit Facility | To refinance existing debt and to provide liquidity for future growth |
| Hercules Capital | Heron Therapeutics | Biotechnology | Lender | $110.0 | Senior Credit Facility | To enhance financial flexibility, reduce total debt and support long-term growth |
| Huntington Business Credit | HCI-TSM | Automotive | Lender | $23.0 | Credit Facilities | To refinance existing debt and provide ongoing capital expenditure and working capital financing |
| Lighthouse Financial | Florida-based Steel Product Manufacturer & Distributor | Steel Products Manufacturing | Lender | $0.5 | Revolving Line of Credit | To pay out previous bank & provide additional liquidity to support growth |
| Marathon Asset Management | NN, Inc. | High Precision Components & Assemblies | Lender | $118.0 | Term Loan | To provide greater flexibility to pursue business transformation strategy |
| MidCap Financial | XBP Americas | BPA Automation | Lender | $150.0 | Senior Secured Credit Facility | To refinance existing debt, facilitate the company’s emergence from Chapter 11 and to support its ongoing working capital needs |
| nFusion Capital | Custom Millwork Manufacturer | Custom Finish Millwork | Lender | $5.0 | ABL Facility | To support the refinancing of existing debt facility and ongoing growth initiatives |
| o15 Capital Partners | Simplify Compliance Holdings | B2B Information Services | Lender | $28.0 | Senior Secured Debt Investment | To refinance existing credit facilities and provide strategic flexibility as the company enters its next phase of growth. |
| PNC Bank N.A. | Rand Logistics, Inc. | Marine Bulk Freight Shipping & Logistics | Administrative Agent | $525.0 | Asset-Based Credit Facility | To enhance financial flexibility and liquidity |
| Republic Business Credit | Private Aerospace Manufacturer | Aerospace/Defense Manufacturing | Lender | $0.5 | Equipment Term Loan | To help consolidate the company’s senior debt facility with Republic. |
| SLR Credit Solutions | Wilbur-Ellis | Agricultural Supplier | Lender | $550.0 | Senior Secured Credit Facility | To refinance the company’s existing syndicated credit facility |
| Sound Point Capital | Upland Software | Knowledge & Content Management Software | Lender | $270.0 | Term Loan & Revolving Credit Facility | To enhance financial flexibility |
| Sumitomo Mitsui Banking Corporation | Sun Country Airlines, Inc. | Air Travel | Joint Lead Arranger | $37.5 | Senior Secured Revolving Credit Facility | To provide increased liquidity |
| Trinity Capital | Rapid Micro Biosystems | Healthcare Technology | Lender | $45.0 | Term Loan | To support general corporate purposes and ongoing investments in manufacturing efficiencies, service productivity and product cost reduction initiatives |
| U.S. Bank | Consensus Cloud Solutions | Healthcare Data Management | Agent | $225.0 | Senior Secured Revolving Credit Facility & Senior Secured Delayed-Draw Term Loan | To support working capital needs |
| Victory Park Capital | Tapcheck | On-Demand Pay | Lender | $200.0 | Credit Facility | To enhance product offerings |
| White Oak Commercial Finance | Global Marketing Agency | Analytics | Lender | $15.0 | Asset-based revolver | To provide working capital to support the firm’s continued evolution and customer acquisition growth |
| WhiteHawk Capital Partners, LP & BMO | Heidtman Steel Products, Inc | Steel Products Distribution | Lender & Administrative Agent | $245.0 | Senior Secured Loan Facility | To refinance existing debt & provide additional liquidity |
| Wingspire Capital | Contract Healthcare Services Provider | Healthcare | Lender | $55.0 | Revolving Credit Facility | To enhance liquidity and support its strategic objectives |
Other Dealmaker Categories
Advertiser Index
- Arch + Beam
- Ares Commercial Finance
- Asset Based Lending Consultants
- Avant Advisory
- Blank Rome, LLP
- Choate Hall & Stewart LLP
- Equify Financial
- Finsoft
- First Citizens Bank/CIT Commercial Services
- FTI Consulting
- GA Group
- Gordon Brothers
- Great Rock Capital
- Haversine Funding
- Legacy Corporate Lending LLC
- Mitsubishi HC Capital America
- Mountain Ridge Capital
- MUFG
- Northleaf Capital Partners
- Novo Advisors
- Parker, Hudson, Rainer & Dodds LLP
- Phoenix Management Services, a J.S. Held Company
- PKF O’Connor Davies
- PNC Bank
- Porter Capital
- Raistone Capital
- Republic Business Credit
- Setpoint
- Solifi
- SSG Capital Advisors
- TD Bank
- The Branford Group
- Thompson Coburn LLP
- Tiger Group
- TimeValue Software
- Wells Fargo
- White Oak Commercial Finance
