Daily News: September 5, 2018

Siena Closes $15MM Facility For Mercury Media

Siena Lending Group completed a three-year $15 million asset-based revolving credit facility for Diversified Mercury Communications d/b/a Mercury Media.

The facility will be used to support the company’s working capital needs. Intrepid Investment Bankers acted as the exclusive financial advisor to Mercury.

Founded in 1989 and headquartered in New York City, Mercury is one of the largest privately-owned performance marketing agencies in the country. Mercury develops and implements media strategies that exploit market inefficiencies to deliver profitable growth across the TV/video landscape.

Mercury is privately-owned by affiliates of Eos Management, a private investment firm with approximately $1 billion of private equity capital and commitments, along with the company’s founders and management.

Scott Elliotto, director of Siena Lending Group, said, “We were able to structure a facility that provides Mercury with greater flexibility and incremental liquidity to support its growth strategy. Mercury has a proven management team and strong sponsor, and we look forward to working with them.”

Jonathan Zucker, head of Capital Markets at Intrepid, stated, “We have a longstanding relationship with both Mercury and Eos and are pleased to have helped them complete this financing. We know Siena will be a great partner to support the company’s working capital needs going forward.”

Intrepid provides M&A, capital raising and strategic advisory services to entrepreneurs and middle-market companies in various industry sectors.