Siena Lending Group closed a $5.5 million asset-based credit facility for Amfuel, which is scalable up to $8 million during the three-year term.
The financing includes a revolving line of credit, term loans on equipment and real estate, and a capital expenditure facility. The transaction followed Amfuel’s prior acquisition through a 363 bankruptcy sale and will be used for future working capital and equipment financing needs.
Headquartered in Magnolia, AK, Amfuel manufactures self-sealing, crash resistant aviation fuel cells and liquid logistic tank solutions. Amfuel is a portfolio company of LB Advisors, a Los Angeles based private equity firm which purchased the business out of bankruptcy in November 2018.
“Siena was able to deliver a preferred financing package for Amfuel on an expediated basis. They showed flexibility to allow for more liquidity and less restrictions for the business which will help spur the future growth of our operations,” said Michael Accordino, managing director of LB Advisors and president of Amfuel.
