North Mill Capital provided a $15 million revolving line of credit and a $4 million equipment term loan to Allied West Paper. The proceeds were used to pay off existing senior revolving and term loan lenders and provide additional working capital for growth purposes.
Founded in 1989, Allied West Paper is a paper converter that produces paper towel, napkin, bathroom and facial tissue products. The company works with grocery and retail chains as well as janitorial and foodservice distributors.
“The North Mill team was very responsive in understanding our needs. Throughout the process, they were problem solvers, not problem makers,” Ray Ovanessian, CEO of Allied West Paper, said. “We are enthusiastic to have them as our lending partner.”
North Mill Capital provides asset-based loans and factoring facilities from $50,000 to $30 million.