MidCap Business Credit completed a $13 million asset-based credit facility, which supported the acquisition of Anchor Manufacturing Group in Cleveland, OH.
“In thirty-seven years of restructuring and acquisition work, I’ve learned that what separates lenders isn’t the term sheet, it’s what happens after its signed,” Clifford W. Croley, partner of Croley, Martell & Associates and CEO of Anchor, said. “Anchor was an acquisition on a firm closing date and real collateral complexity, and MidCap did exactly what they said they would do. MidCap understood the assets early, asked the right questions in due diligence and closed on terms consistent with what they proposed from the outset. The new loan facility provides Anchor the support needed to enhance its growth plan. It was a professional, well-executed process from start to finish.”
The opportunity was sourced out of MidCap’s regional office in Baltimore, MD.
“We were able to provide a flexible asset-based line of credit,” Bruce Pavesich, senior vice president of MidCap Business Credit, said. “Our new loan will be utilized to support the company’s growth plan and provide additional liquidity . We look forward to working with Cliff and Brandon Croley and helping them execute on their strategic plan and grow the business.”
