PNC Bank served as administrative agent for a $80 million credit facility for Shur-Line, a portfolio company of Nova Capital Management. The financing will support Nova’s acquisition of World and Main (W&M) and W&M’s subsequent merger with Shur-Line_x000D_
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Steel City Capital Funding, a division of PNC Bank, provided a portion of the financing, expanding upon the capabilities of PNC Business Credit. Steel City is a specialty finance company, providing cash flow–based senior term loans, junior secured and second lien term loans to private equity sponsors and middle market companies in the manufacturing, retail, wholesale, distribution and service industries._x000D_
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“We are proud to have supported Nova as they worked to capitalize on the synergy of these two dynamic companies,” said Tim Derry, senior vice president and Upper Midwest regional originations manager, PNC Business Credit. _x000D_
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Based in St. Francis, WI, Shur-Line is a provider of do-it-yourself home improvement paint accessories and convenience hardware. Products are sold through two proprietary brands, Shur-Line and Bulldog. W&M, headquartered in Cranbury, NJ, is a family of brands that brings together a combination of product development, merchandising, global sourcing, and distribution solutions across the home, hardware and building supply categories.
Forward for Specialty Finance
