Cole Taylor Business Capital (CTBC) announced the funding of a $10 million credit facility to Tenere, a designer and fabricator of complex metal and plastic components and assemblies.
The proceeds of the facility were used by Watermill Group, a private equity group located in Lexington, MA, to acquire Tenere from Stonehenge Partners. Based on their experience with Cole Taylor as a key partner, Stonehenge recommended CTBC to Watermill as the right lender to structure the complex transaction. CTBC provided senior financing working in conjunction with a unitranche term loan provided by Medley Capital.
Benjamin Procter, a partner at Watermill, said, “We are very pleased to continue Tenere’s relationship with Cole Taylor. As a trusted, long term partner for Tenere, CTBC will be instrumental in supporting Watermill’s growth strategy at Tenere.”