MB Business Capital acted as sole lender and administrative agent on the funding of a $13.085 million senior credit facility for Dedoes Industries.

Based in Walled Lake, MI, Dedoes is the North American leader in the design and manufacturing of equipment that supports the automotive refinish market. The company’s products are used by auto refinish shops to mix, shake, proportion, formulate, cure and store both water- and solvent-based paint. It is a portfolio company of Ashland Capital Partners and Graycliff Partners.

The MB facility was used to refinance senior indebtedness and to fund working capital needs going forward.

“MB Business Capital was able to leverage Dedoes’ fixed assets and consistent cash flow to provide an effective financing solution that included maximum availability against its working capital assets. MB’s new facility paid off the company’s senior lender and provided Dedoes with both liquidity for growth and ongoing flexibility to continue to improve its capital structure,” said Michael Sharkey, president of MB Business Capital.

“This refinancing is one of the key milestones we set for Dedoes upon our acquisition. The management at Dedoes and the professionals at MB Business Capital made this possible. We look forward to a long and fruitful relationship with MB Financial,” said James M. Lynch, senior managing director, Ashland Capital Partners.

Ashland Capital Partners is a Chicago-based private investment firm devoted to investing in and growing companies in the lower middle market.

Based in New York City, Graycliff Partners is an investment firm focused on lower middle market investments.