Fifth Third Business Capital acted as sole lender and administrative agent on the funding of a new $21.5 million senior credit facility for Spray Products and affiliates.
Founded in 1958 and headquartered in Conshohocken, PA, Spray Products is a custom contract manufacturer of aerosol and liquid consumer products. The company’s products span a wide range of end users, including automotive, industrial, institutional, and personal use. The company assists with all phases of product development, including research and development, formulation and technical support, manufacturing, and packaging and distribution.
Fifth Third’s credit facility was used to refinance existing debt, to provide ongoing working capital support and to finance new capital expenditure requirements.
“Our expert team was able to deliver an asset-based lending solution that allows Spray Products to fulfill their growth initiatives,” said Michael Sharkey, president of Fifth Third Business Capital.
“We are delighted to partner with the team at Fifth Third,” noted Bart Bastian, president and CEO of Spray Products. “They took the time to learn about our business and impressed us at every step during the diligence process with their creative approach to financing our specific business needs as we continue to grow.”
Phoenix Capital Resources, a middle market special situations investment bank, acted as financial advisor and investment banker to Spray Products in arranging, structuring and negotiating the new financing.
