MB Business Capital acted as sole lender and administrative agent on the funding of an $11.88 million senior credit facility for Off-Spec Solutions, an over-the-road trucking company.
Based in Nampa, ID, Off-Spec Solutions provides transportation to leading food manufacturers and agricultural producers throughout the western U.S. supported through the use of proprietary tech-enabled enterprise systems automating its direct transportation solutions. It is a portfolio company of CVF Capital Partners.
MB’s credit facility was used to refinance senior indebtedness, provide additional working capital and fund the company’s growth initiative in converting the company’s existing rolling stock from operating leases to on-balance sheet financing.
“MB Business Capital is happy to once again provide a top-notch financing solution for our valued key partner, CVF Capital Partners, and their portfolio company, Off-Spec Solutions. We were able to provide growth and working capital financing that was competitively priced and appropriately structured,” said Michael Sharkey, president of MB Business Capital.
Daniel Salvador, CEO of Off-Spec Solutions, commented, “We are very excited to partner with MB Financial as we expand our fleet to better service our customers. They were responsive to the evolving needs of the business and supported our vision for the future of the company. Off-Spec is well-positioned to benefit from the region’s continued economic expansion and now has the right partners in place to accelerate its growth throughout the region.”
CVF Managing Partner José Blanco added, “MB Financial is the ideal financial partner for Off-Spec Solutions. Their asset-based approach, flexible structure, and deep understanding of sponsored transaction were critical considerations in selecting the right senior lender. CVF appreciates the bank’s support and looks forward to the continued growth of Off-Spec with the help of its newest financial partner.”
