Daily News: August 22, 2018

Siena Provides $7.5MM ABL Revolver to Facet


Siena Lending Group completed a $7.5 million asset-based revolving and term loan credit facility for Facet Medical Technologies. The facility will be used to support the company’s working capital and continued growth.

Founded in 1969, Facet is a medical original equipment manufacturer that engineers, designs and develops hand-held medical devices and accessories primarily associated with diabetes care and management.

The company is majority owned by Tower Three Partners, an operationally-oriented private equity firm that invests in a concentrated portfolio of U.S.-based middle market companies.

Scott Elliotto, director of Siena Lending Group, said, “We are pleased to have the opportunity to partner with Tower Three Partners and the company’s management team, and provide a financing solution to accommodate the working capital needs of Facet. It was a pleasure working with them and we look forward to the company’s future growth and success.”

Andrew Goodrow, CEO of Facet, added, “The Siena team was very diligent and constructive during the entire process and structured a financing program that fit our specific needs that will allow us to now focus on growing and managing our business.”