Fifth Third Business Capital acted as sole lender and administrative agent on the funding of a senior credit facility to Alco Products.
Based in Detroit, Alco is a manufacturer of modified bitumen self-adhering building products. Fifth Third’s credit facility will be used to fund the company’s capital expansion and working capital needs going forward.
Alco is a portfolio company of private equity group Stone Pointe, located in Naperville, IL. Stone Pointe invests in small and middle-market businesses to facilitate ownership transitions and growth equity capital solutions.
“Under tight time constraints, Fifth Third Business Capital was able to structure an asset-based facility that will provide the working capital that Alco needs to run their day-to-day operations. We welcome Stone Pointe and look forward to working together on future transactions,” said Michael Sharkey, president of Fifth Third Business Capital.
“Fifth Third was quick to understand the business and capital requirements for Alco Products. The team was able to structure a credit facility to support the current and future capital needs allowing the management team to execute on our strategic growth plan,” said Lee Vandermyde, principal of Stone Pointe.
