First Business Bank’s asset-based lending team recently closed and funded a $5.1 million credit facility to support the acquisition of a New Jersey industrial packaging manufacturer.
First Business Bank expanded the client’s existing financing to cover the full scope of the deal — a working capital line of credit and a real estate loan totaling $5.1 million. The acquisition expanded the company’s product offerings and extended its geographic reach into new markets.
“This transaction gave our client the ability to expand their geographic footprint and add manufacturing capacity in a strategically important market,” Kevin McGraw, vice president – asset-based lending at First Business Specialty Finance, a subsidiary of First Business Bank, said. “We structured a facility that covered the real estate component of the acquisition and set them up to hit the ground running in their new market.”
