Fifth Third Business Capital provided a $35 million revolving line of credit and term loan to help Alabama Metal Industries Corporation (AMICO) facilitate the sale of Diamond Perforated Metals and Erdle Perforating to Pacific Avenue Capital Partners.
AIMCO was founded in 1939 in Birmingham, AL, as a manufacturer of metal-based products. AMICO opened a manufacturing plant in Toronto in 1989, acquired Diamond Perforated Metals in 1998 and acquired Erdle Perforating in 2012. The current owner elected to sell these divisions to Pacific Avenue Capital Partners and Fifth Third Business Capital provided the senior debt to help facilitate the acquisition.
Pacific Avenue Capital Partners, founded by Chris Sznewajs in 2017, is a Los Angeles-based private investment firm focused on corporate divestitures and other special situations in the lower middle market.
