North Mill Capital LLC, a provider of asset-based loans for small- and medium-sized businesses in the Northeast, has acquired PrinSource Capital Companies LLC, a Minneapolis-based provider of factoring and asset-based loans in the Midwest.
This transaction will significantly expand North Mill’s geographic markets and enhance the combined company’s product capabilities. Combined, North Mill and PrinSource will provide asset-based loans and factoring solutions for borrowers seeking financing ranging from $200,000 to $10 million.
To finance its acquisition, North Mill received additional equity investment from its current shareholders, led by Monitor Clipper Partners, and a material increase in its debt credit facility led by IDB Bank of New York supported by a syndicate of five participating banks.
Hughes Hubbard & Reed acted as legal counsel to North Mill Capital, Monitor Clipper Partners and ALDA Capital in connection with the transaction.
Milestone Advisors served as exclusive financial advisor to Prinsource in connection with the transaction.