Daily News: January 3, 2013

Cole Taylor Business Capital Funds Gasko, Rhopac Acquisition

Cole Taylor Business Capital closed on a $4.7 million loan funding the acquisition of Gasko and Fabricated Products and Rhopac Fabricated Products by Birmingham, AL-based Lazarus Capital Partners.

Gasko and Rhopac manufacture non-metallic parts and components for applications and sub-assemblies that require gaskets, pads, seals, sound dampening, diaphragm and other related die cut parts.

Lazarus Capital Partners used the funding proceeds to acquire the assets of the two operating companies and provide for their ongoing working capital needs. Lazarus Capital Partners is focused on acquiring controlling equity interests in lower-middle-market operating businesses.

Commenting on the transaction, Lazarus partner Hewes T. Hull said, “With tax law changes on the horizon, the seller wanted to make sure that the deal closed well ahead of the year end. In turn, that created a time crunch which was more intense than normal. But the Cole Taylor Business Capital team handled it extremely professionally. We closed the deal on time because of them. I’m grateful for the effort and attention that the Cole Taylor team put into this transaction.”

Cole Taylor Business Capital is the asset-based lending division of Cole Taylor Bank.