White Oak Commercial Finance (WOCF), an affiliate of White Oak Global Advisors, agented a $550 million asset-based revolving credit facility to Wilbur-Ellis Holdings, a privately-held family-owned company with a portfolio of businesses focused on retail, wholesale and distribution into the North American agriculture supply chain.
WOCF acted as the sole left lead arranger in the transaction, committing $200 million. In addition to WOCF, the ABL syndicate is comprised of SLR Credit Solutions as joint lead arranger, Ares Management Credit funds and MidCap Financial as joint bookrunners and Gibraltar Business Capital. The new asset-based credit facility was part of a nearly $1 billion recapitalization and capital raise, with Lazard acting as financial advisor to the company. The new asset-based credit facility was structured to provide significant incremental liquidity, as well as the flexibility needed for the company to execute its long-term strategic goals and objectives.
“The agriculture sector is essential to our country’s economic growth and security. This is especially true in the shadow of tariff and supply chain impacts for imported food and agriculture products, which have drastically increased costs,” Tom Otte, CEO of WOCF, said. “It was critical for us to work closely with the company and Lazard to come up with a unique structure that provides the company with the seasonal flexibility and liquidity they need throughout the year. WOCF is well-positioned to support Wilbur-Ellis so they can further invest and continue to support North America’s agriculture supply chain.”
“It was a pleasure working closely with all the constituents on a financing of this size and scope, including Wilbur-Ellis management, Lazard, term loan lenders, and the rest of the ABL syndicate to structure and close on this marque non-bank ABL financing,” Kevin Cox, head of capital markets for WOCF, said. “Closing a deal of this size and complexity shows just how far non-bank ABL has moved into a space historically dominated by the banks, and that the additional liquidity, flexibility and creativity we can provide is highly valuable to middle-market companies.”
Paul Hastings served as counsel on behalf of the ABL lenders in connection with this financing.
