PNC Bank served as administrative agent for a $30 million senior secured credit facility for Sugar Land, TX-based Sigma Piping Products.
SIGMA. a PNC client for more than 15 years, sought financing to support SPP, a newly formed entity owned by Sigma and Unique Industrial Group. SIGMA, established in 1985 and headquartered in Cream Ridge, NJ, is a global company offering a wide range of water and wastewater infrastructure products, fire protection and OEM products. Unique, founded in 1997 and based in Sugar Land, imports, distributes and supplies engineered products for the fire protection, plumbing, mechanical and electrical fastening, oil and gas, HVAC, instrumentation and industrial distribution and OEM industries.
“Over the course of the last 15 years, PNC has supported SIGMA’s growth and expansion in the water and wastewater industries,” said Sara Traberman, senior vice president and business development officer, PNC Business Credit. “With SPP, SIGMA continues its expansion and steady growth, and we are pleased to provide yet another customized financing solution to help them meet their strategic goals.”
SIGMA will use the funds to partially finance SPP’s acquisition of four of Unique’s industrial products divisions, partially fund capital expenditures, and provide for ongoing working capital needs.
“PNC’s senior secured financing solution gives us the capital we need to sustain this new business,” said Jay Malani, chief executive officer of SPP. “We now have the means to expand customer relationships and inventory levels to meet increasing consumer demands.”
