FirstMerit Bank Business Credit closed a new $6.7 million revolving credit loan and lease facility to Addison McKee. Proceeds of the facility were used to refinance existing debt and provide ongoing working capital. Addison McKee, Inc. is a portfolio company of Albion Investors, a private equity firm.
FirstMerit Bank Business Credit provides working capital and term loan facilities to middlemarket companies for acquisitions, LBO’s, MBO’s recapitalizations, rapid growth, seasonal working capital build-up and turnaround situations.
Lebanon, OH-based Addison McKee manufactures tube bending, end forming and muffler assembly equipment primarily for Tier I automotive suppliers.