Daily News: February 21, 2018

MB Business Capital Provides $30MM Facility for Vulcan

MB Business Capital provided a new $30 million senior credit facility to Foley, AL-based Vulcan.

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

Vulcan was formed in 1966 and operates as one of the only completely vertically integrated aluminum processing plants in the U.S. The company melts raw aluminum ingots and scrap into coils. Vulcan’s main product is 5052 aluminum, an alloy with high strength and greater resistance to corrosion, along with alloy 5754, used in automotive applications.

Vulcan is 100% owned by an ESOP, which was formed in 1975, and was the first ESOP in Alabama.

“MB Business Capital’s metal and steel industry expertise was key in providing a funding solution that gave Vulcan the added liquidity and flexibility they required,” said Michael Sharkey, president of MB Business Capital.