The facility was secured by machinery, equipment and real estate. The funds will be used to refinance Iceberg’s existing credit facility and to provide additional working capital for the business.
Howard Green, CEO of Iceberg, said, “We were impressed with Siena’s responsiveness to our needs. Under Dave Grende’s leadership, they acted extraordinarily quickly, bringing a sharp analytical team with thoughtful and creative ideas to address our financing needs.”
Nick Payne, director of Siena Lending Group, added, “We are very pleased to provide this credit facility to Iceberg Enterprises to support their continued growth initiatives. We look forward to supporting Iceberg as they continue to achieve the goals they’ve outlined for 2018 and beyond.”
John Kemp, managing partner of Chicago-based Wolverine Partners, advised Iceberg on the transaction, while Bryan Cave acted as counsel. Blank Rome represented Siena.
Headquartered in Chicago, IL, with its primary manufacturing and distribution facility in Sturgis, MI, Iceberg designs, manufactures and distributes office furniture.