Adler provides heating services for oil and gas well sites. MB’s credit facility was used to refinance existing senior indebtedness and will fund working capital needs going forward.
In addition, Spell Capital Mezzanine Partners made a capital investment in Adler. Spell provides subordinated debt and non-control equity to businesses in a variety of industries across the U.S.
“MB Business Capital stepped up to help its SBIC partner Spell Capital refinance Adler. Despite being in the difficult oilfield services industry, MB was able to structure a loan that helped keep Adler operating as it headed into the busy season,” said Michael Sharkey, president of MB Business Capital.