Daily News: October 29, 2012

Concord Arranges $11.1MM for Aftermarket Auto Condenser, Coil Maker

Concord Financial Advisors announced the closing of an $11.1 million senior secured credit facility for a private equity owned, aftermarket automotive condenser and coil manufacturer. The credit facility was comprised of a $10 million revolving line of credit, $376,000 M&E term loan and a $724,000 over advance.

“These are important milestones for our client companies. We are pleased to have helped them achieve their goals,” said Tom Jones, Concord Founding partner. “It’s exciting to know that we have even more deals in the pipeline for 2012 to help other middle-market companies expand their businesses or satisfy their financing needs. Our experience and depth of financing relationships is truly paying off for our clients.”

The company and private equity sponsor commented, “Concord allowed us to run a streamlined process of our credit. Even though we had relationships with most of the viable lenders, Concord was able to act as an effective intermediary and secure a better than market deal for our portfolio company. We are extremely satisfied with the outcome and our new senior lender.”

Concord was formed in 2001 to serve as a financial intermediary specializing in private placements of senior and subordinated/mezzanine financing for lower middle-market companies.