Ravinia Capital, a Chicago-based boutique investment bank specializing in sell-side M&A and capital advisory for middle-market companies, completed the refinancing and raise of additional debt for the Primex Family of Companies (PFoC).
PFoC is a Wisconsin-based, global distributor of own-branded-and-designed weather instruments, environmental sensors, notification boards, synchronized clocks, companion software solutions and clock craft kits which has remained proudly family owned since its first member company’s founding in 1972.
In order to best capitalize on a number of substantial strategic growth opportunities relating to its existing products without sacrificing continued investment in further innovation, the group retained Ravinia Capital to replace its then-$16-million revolving line of credit with a new facility offering additional availability.
Ravinia conducted a rapid, competitive process to identify the candidate best suited to meet this need — ultimately collecting several proposals for evaluation, of which Edge Capital’s $25 million offer represented the clear highest and best option — then proceeded to work closely with PFoC and its counsel obtain the desired funding within 120 days of initial contact with prospective lenders.
“We want to commend Ravinia on an exceptionally well-run process,” Andrew Gustin, director of business development at Edge Capital, said. “Their dedication to providing us with timely and comprehensive information made our review process efficient and thorough.”
“Ravinia Capital helped deliver a very successful outcome in obtaining our new loan through their knowledge and skill at running a comprehensive, thorough refinancing process,” Paul Shekoski, CEO of the PFoC, said. “We wholeheartedly would recommend any company needing help in a liquidity situation hire Ravinia Capital. They are on your side and get the job done.”
The professional advisors on the transaction were:
- Borrower’s investment banker:
- Ravinia Capital– Tom Goldblatt, managing partner; Alan Kravets, managing director; Michael Shanahan, analyst
- Borrower’s counsel
- Michael Best & Friedrich – Michael H. Altman, partner; Vincent M. Morrone, partner
- Lender’s counsel
- Otterbourg – Nneoma A. Maduike, partner; Gabriela Zapata, associate