MidCap Business Credit LLC announced that it has completed a $30 million asset-based credit facility to Presrite Corporation. The business was established in 1971 and is headquartered in Cleveland, Ohio. Presrite manufactures closed-die carbon and alloy steel forgings (bearings, crankshafts, gears, drivetrains, and drilling components) for the agricultural, construction, energy, and transportation markets. The company also produces parts for military and defense contractors.
Jim Hoppel, CFO for the company, commented “Presrite Corporation, under the representation of Candlewood Partners, is very pleased to have partnered with MidCap Business Credit on our new credit facility. We were very impressed with MidCap’s professionalism and thoroughness as we worked through the process. We were on a tight timetable and MidCap was right there every step of the way. As a result, we were able to close ahead of schedule. This new financing will provide the runway for Presrite to continue to grow and strengthen our business.”
The opportunity was sourced out of MidCap’s regional office in Baltimore, MD. Bruce Pavesich, Senior Vice President of MidCap Business Credit, LLC, said, “We were able to provide a flexible asset-based line of credit. Our new loan will be utilized to support the company’s growth trajectory and free up suppressed availability limited under the prior lender’s facility. We look forward to working with the company and helping them execute on their strategic plan and grow the business.”
MidCap Business Credit provides asset-based credit facilities to middle market businesses nationwide, who have borrowing requirements from $3 million to $30 million.
