Sterling Bancorp has acquired NewStar Business Credit for $112 million. Michael Haddad, former NSBC president, will manage Sterling’s asset-based lending business.
NewStar Business Credit provided a $8 million senior secured credit facility to Roscom, a custom compounder of flexible and rigid PVC pellets.
NewStar Business Credit announced $175 million in new senior secured credit facility commitments in Q4/15, which included $30 million to PSKW, a portfolio company of Genstar, $28.8 million to AZON Metals and $32 million to an unnamed freight shipping company.
NewStar Business credit provided $24 million of senior secured credit facilities to Sock and Accessory Brands Global, a portfolio company of Huron Capital Partners.
NewStar Business Credit provided a $15 million revolving credit facility to Atlas Group, a portfolio company of Graham Partners. Term loans were provided by NewStar Leverage Finance and strategic partner GSO Capital.
NewStar Business Credit provided a $6.5 million credit facility to World Class Technology, a portfolio company of Caltius Equity Partners.
NewStar Business Credit has provided a $16 million revolving credit facility to Baton Rouge, LA-based East West, a producer of synthetic rubber products used primarily in the tire manufacturing industry.
NewStar Business Credit provided a $5 million credit facility to Three J’s Distributing, a Clackamas, OR-based regional distributor of breads, pastries, chips and coffee.