MidCap Business Credit closed on a $6 million asset-based credit facility for Texas Contract Manufacturing Group and its wholly-owned subsidiaries, Lor-Van Manufacturing and Apex Machining.
Located in California, Lor-Van Manufacturing is a contract manufacturer specializing in precision sheet metal and assembly services for the medical device, life sciences, semi-conductor and general industrial markets. Apex Machining is also a California-based contract manufacturer. It focuses on the machining of complex, highly-engineered metal and plastic components for the aerospace and defense, medical device, satellite and semiconductor industries.
This lending opportunity was sourced out of Midcap Business Credit’s office in Dallas.
“We’re excited about the opportunity to partner with TCMG and their management team as they execute on their strategic plan and we look forward to supporting their growth,” Bill Nay, senior vice president of MidCap Business Credit, said.
Texas Contract Manufacturing Group is a portfolio company of Camwood Capital Group.
“We are extremely excited for the new partnership with the MidCap team that will allow TCMG the flexibility to scale as we continue to execute on the company’s strategic growth plans and operating initiatives going forward,” Matt Mayfield, managing director of Camwood Capital Group, said.
