Daily News: April 18, 2018

MB Business Provides $24.5MM Facility to Lamination Specialties

MB Business Capital provided a $24.5 million senior credit facility to Chicago-based Lamination Specialties, a manufacturer of electrical steel laminations, including transformer, motor and custom-designed laminations.

The facility was used to assist Chicago-based Union Partners with its acquisition of the company and will fund working capital and capital expenditure needs going forward.

“We were able to leverage our expertise in the metals industry and we provided a comprehensive structure. The new facility included a cash flow component to our term loan and we closed in a tight time frame,” said Michael Sharkey, president of MB Business Capital.