Byline Bank’s Sponsor Finance Group provided revolver and term credit facilities to finance Salt Creek Capital’s investment in Drake Truck Bodies. Subordinated debt and equity was provided by Spell Capital Mezzanine Partners.
Headquartered in Phoenix, Drake manufactures and distributes, through a multi-state dealer network, commercial service bodies for work-ready trucks and other utility vehicles as well as retails a full line of commercial truck accessories.
“Drake has been serving the Southwest region for over 25 years and built a great reputation for exceptional quality and dedication to customer service. We are excited to support another Salt Creek Capital acquisition and value the strong operating executives they bring to these businesses,” said Dan Delgadillo, Byline Sponsor Finance Group’s SVP.
BSFG was represented by Duane Morris.
Chicago-based Byline Sponsor Finance Group provides senior secured cash flow loans to private equity backed lower middle market companies throughout the U.S. Byline Bank is a full service commercial bank serving small- and medium-sized businesses, financial sponsors, and consumers.
Salt Creek Capital is a San Francisco Bay area-based private equity firm.
Spell Capital Mezzanine Partners is a Minneapolis-based mezzanine fund that provides mezzanine financing to lower middle-market companies throughout the U.S., targeting businesses with EBITDA of $2 million and above.