MB Business Capital provided a new $11.575 million senior credit facility to Wichita, KS-based 3P Processing, a provider of metal finishing, testing and inspection process services to the aerospace and defense sector.
The credit facility was used to fund Spell Capital Partners’ acquisition of 3P, refinance existing senior indebtedness and fund working capital needs going forward.
Spell is a Minneapolis-based private equity group that acquires controlling interests in well-managed, historically profitable industrial manufacturing businesses.
“Spell and MB Business Capital have always been great partners. We are very pleased that we were able to close what we proposed in a very tight timeframe,” said Michael Sharkey, president of MB Business Capital.
