MidFirst Business Credit has provided $16 million in working capital and term facilities to Principal Manufacturing Corporation.
Headquartered in Broadview, IL, PMC is a custom manufacturer of fine-blanking and precision stamping parts for OEMs, and Tier 1 and 2 automotive suppliers in the U.S., Mexico, Europe and Asia. The funds were used to refinance the payoff to an existing lender, provide additional working capital and help facilitate further business expansion. The transaction was completed on January 21.
“We are extremely excited to move forward with a supportive banking relationship, which will give us an opportunity to focus on the business and our customers,” said PMC President Ben Barnett.
MFBC President Dennis Schlesner added, “We take the responsibility of being a financial partner very seriously, and we are grateful and honored that PMC chose us to be their partner.”
