PNC Bank served as administrative agent for a $57.3 million senior secured credit facility to support Dallas-based Crossplane Capital’s acquisition of the Accent Family of Companies.
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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.
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Established in 1986 and headquartered in Tomball, TX, Accent is a full service, value-added industrial distribution company focused on the waste/recycling and building materials industries. Core offerings include baling wire distribution, bale tie manufacturing, wire-tier equipment manufacturing, parts and repair services to wire-tier equipment, as well as distribution of steel fasteners and concrete reinforcing products.
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“The Accent Family of Companies includes several well respected and known brand names, such as Accent Wire-Tie, Accent 470, Striker and NATCO,” said Frank Bonet, senior vice president and business development officer, PNC Business Credit. “PNC is pleased to provide this business with a broad range of financial tools and resources designed to facilitate a targeted acquisition plan and core business improvements as part of a larger growth strategy.”
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Loan proceeds will be used to partially finance Crossplane Capital’s acquisition of Accent, provide for ongoing working capital needs and partially fund capital expenditures.
Forward for Specialty Finance
