MB Business Capital provided a new $10 million senior credit facility to Specialty Steel Supply.
Based in Houston, Specialty is a distributor of stainless and nickel alloy steel bars to the oilfield, energy, aerospace, defense, industrial and automotive sectors.
The facility was used to refinance senior indebtedness and to fund working capital needs going forward.
“MB Business Capital knows the metal industry very well and we were able to provide a lending facility that provides Specialty with the capital it needs. We are very happy to welcome Specialty Steel to MB,” said Michael Sharkey, president of MB Business Capital.
“We are pleased to partner with MB. Their experience in the metals industry made it a stress-free transaction and will enable us to continue with our rapid growth since acquiring the company from Carpenter Technologies,” said Paul Haggar, president of Specialty Steel.
