Siena Lending Group closed a three-year $5.5 million asset-based revolving credit and term loan facility for Magnuson Products, a women-owned business in the traditionally male-dominated specialty auto parts manufacturing and distribution industry.
Headquartered in Ventura, CA, with offices in Detroit, MI, Magnuson manufactures OEM and aftermarket supercharger systems for the automotive industry. It delivers over 135 supercharger applications through the design, manufacture or purchase of 5,000 different parts to support these applications. Magnuson was started by industry legend Jerry Magnuson over 40 years ago and was acquired by the current ownership group led by CEO Kim Pendergast and Banyan Investment Partners in 2010.
The facility was used to refinance certain existing debt and provide additional working capital to support business growth plans.
Mark Orlando, director and Western Region manager of Siena Lending Group, said, “We are pleased to complete this financing for Magnuson to help a long-established business grow and reach its next level of success. Our group at Siena is very impressed with Kim and the rest of the management team as it develops and expands its capabilities as the leading supercharger company in the industry. We look forward to supporting this woman-led business and working with Banyan in the years ahead.”
“Mark was a pleasure to work with from the early stages, and the Siena team was responsive and worked diligently to come up with the best financing plan for Magnuson,” said Pendergast. “Our other shareholders at Banyan and I are very pleased with the additional capital provided by Siena to support new programs which will help spur Magnuson’s growth. We are looking forward to a long and mutually beneficial relationship with Siena.”
Siena Lending Group is an independent asset-based lender which serves lower and middle-market companies nationwide that may have difficulty accessing traditional financing, offering asset-based loans from $2 million to $30 million.