Daily News: January 23, 2013

U.S. Bank ABF Provides $60MM Revolver to Support Acquisition

U.S. Bank Asset Based Finance announced that it provided a $60 million revolving credit facility to Westlake Hardware which is now a subsidiary of Ace Hardware. The facility was used, in part, to support Ace Hardware’s recent acquisition of Westlake.

“We are pleased to expand our relationship with Ace Hardware Corporation by providing the capital to help Ace complete its acquisition of Westlake,” said Sam Philbrick, president, U.S. Bank Asset Based Finance. “We were able to deliver a comprehensive asset-based financing solution in a short timeline which was an important factor in Ace Hardware’s strategy.”

Based in Lenexa, KS, Westlake Hardware is a chain of 85 neighborhood hardware stores located in Missouri, Kansas, Nebraska, Iowa, Oklahoma, Texas, and New Mexico.

“The U.S. Bank Asset Based Finance team assembled an outstanding group of specialists who provided excellent strategic guidance and assistance as we finalized this important acquisition,” said Pete Ting, vice president, Treasury and International Finance, Ace Hardware Corporation.

Ace is a hardware cooperative operates 14 distribution centers in the U.S and abroad.

U.S. Bank Asset Based Finance an asset based lender providing financing solutions to middle-market and large cap companies in the United States and Canada.