MB Business Capital provided a new $23.7 million senior credit facility to Shawnee, OK-based Shawnee Tubing Solutions (STS). The transaction was part of an acquisition of select assets from Shawnee’s previous parent Wolverine Tube.

A group of investors led by the former VP/GM, Greg Gallman purchased Wolverine Tube’s manufacturing plant and select assets in Shawnee and plans to keep the facility operational. Gallman now leads the company as its CEO. Shawnee manufactures copper tube that is sold into the “Industrial Tube” (HVAC and refrigeration) market. MB’s credit facility was used to support the acquisition and to fund working capital needs going forward.

Waypoint Private Capital represented the buyers helping facilitate the acquisition. Waypoint is an Investment Banking firm serving middle-market companies in Wisconsin, Illinois, Oklahoma, Arkansas and across the U.S.

“We know that companies across the country strive to keep their loyal workforce employed. We are very pleased that we were able to provide a new lending relationship that supported the Shawnee/Wolverine acquisition and helped save hundreds of jobs in Shawnee,” said Michael Sharkey, president of MB Business Capital.

“We look forward to continuing to build our company here in Shawnee and to provide employment opportunities and economic benefit to the community for many years to come. The city of Shawnee stepped up, and STS is forever grateful. Local banks and community investors were key in supporting this transaction. MB Capital through various partnering options stood out from the very beginning as the partner of choice,” said Greg Gallman, CEO of Shawnee Tubing Solutions.