MidCap Business Credit completed a $15 million asset-based credit facility for Walker Midwest and Walker West, which were formed to acquire the assets of Millenia Products Group and WAC pursuant to an Article 9 UCC sale. The company, headquartered in Itasca, IL, is a manufacturing and steel service business providing metal fabrication, stamping and roll forming services to OEM companies in the automotive, solar, tool storage and electronics industries throughout the United States and Canada.
“It was a pleasure to work with the Midcap team,” Frank San Roman, president and CEO of Walker, said. “They went above and beyond to give us support in the transition. Our new lending facility will allow us additional growth opportunity that our prior lender did not provide. This change is also going to improve our overall financing costs while supporting the needs of the company and its customers. “
The opportunity was sourced out of MidCap Business Credit’s regional office in Baltimore.
“We were able to provide a flexible asset-based line of credit to facilitate the asset purchase and provide the necessary working capital to enable the company to execute on its strategic plan,” Bruce Pavesich, senior vice president of MidCap Business Credit, said. “We look forward to working with Frank and his team and to provide future financing needs to grow the business.”
