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$40 Million Specialty Hunting Products Distributor
$5 Million Subordinated Debt
This Distributor of Hunting Products needed $5 million of new capital to settle an unexpected patent infringement lawsuit filed by a competitor. Concord was retained by the company and its mezzanine investor and immediately performed a situational assessment to ascertain whether the company could support additional leverage. Concord brought the opportunity to the mezzanine marketplace and aggressively obtained proposals from an array of mezzanine lenders. Concord successfully obtained a commitment letter for $5 million of mezzanine debt from a leading Midwest mezzanine lender within two weeks. Concord negotiated a non-warrant, five-year Mezzanine Loan with a favorable 12% coupon and full prepayment rights.
$40 Million Industrial Cylinder Manufacturer
$8.0 Million Revolving Line of Credit
$1.6 Million Equipment Term Loan
$1.0 Million Capex Line of Credit
$2.5 Million Real Estate Mortgage
A Midwest equity sponsor retained Concord to refinance one of its distressed portfolio companies, an Ohio-based Industrial Cylinder Manufacturer. The company was under a Forbearance Agreement with its lender and needed to find takeout financing in a short period of time. Concord acted quickly to identify and qualify several asset-based lenders, six of whom proposed on the transaction within two weeks. Concord helped negotiate the most favorable deal for the company and successfully closed the transaction within 90 days.
$20 Million Jewelry Wholesaler
$4.0 Million Revolving Line of Credit
A Jewelry Wholesaler of exclusive watches located in Pennsylvania needed an additional $2 million of working capital financing, but its current lender declined to lend more than its existing $2 million line of credit due to the type of collateral (specialty watches) and only one year of positive financial performance. Concord was retained to obtain additional working capital financing and successfully arranged a $4 million revolving line of credit for the company with a nationally recognized asset-based lender that specializes in retail and wholesale jewelers. The company obtained its additional $2 million of financing at more favorable advance rates for three years versus a one year deal with its existing lender.
$400 Million Food Products Distributor
$28.5 Million Revolving Line of Credit
A Midwest Food Products Distributor was seeking approximately $30 million of working capital financing but had exhausted most options in the refinancing marketplace. To further complicate the situation, the company was being asked to leave its current bank in less than 60 days and was under a Forbearance Agreement containing severe penalties for noncompliance with the agreement. Concord was retained to seek out alternative options. With Concord’s knowledge and experience in the food industry, we were able to quickly determine where the company could best be financed in the shortest amount of time. Concord introduced the company directly to the CEO of a nationally recognized commercial finance company that specializes in lending to food companies. The lender proposed on the entire transaction within one week and closed the transaction within 60 days, achieving all of the financial objectives sought by the company including substantial savings of time and expense.
$100 Million Commercial Printing Company
$14.0 Million Revolving Line of Credit
A Midwest equity sponsor retained Concord Financial Advisors to evaluate refinancing options for one of its portfolio companies, a Commercial Printing Company located in Illinois. Concord obtained six proposals for the transaction within 30 days and created an auction process whereby the company was able to achieve all of its refinancing objectives, including favorable advance rates on collateral, below marketplace pricing, nominal fees and no personal guarantees. The company realized more favorable economics than what they expected due to Concord negotiating with lenders on the equity sponsor’s behalf.
$40 Million Consumer Products Distributor
$10.0 Million Revolving Line of Credit
A Consumer Products Distributor located in Illinois was seeking a $10 million revolving line of credit to refinance its existing $4 million line of credit. Its current lender was unwilling to provide the additional $6 million of financing until the company surpassed its already impressive $40 million of revenue (in 24 months) and $5 million of EBITDA. Concord negotiated with the lender and obtained a $10 million revolving line of credit commitment under a three-year term with the existing lender. Concord was also able to eliminate the personal guarantees of the owners, convince the bank to utilize reviewed financial statements versus audited statements, lower the interest rate and increased advance rates on accounts receivable and inventory. Concord closed the transaction in less than 30 days.
$12 Million Manufacturer Deep-Draw Metal Components
$3.5 Million Revolving Line of Credit
$0.4 Million Equipment Term Loan
$2.2 Million Real Estate Mortgage
This manufacturer of deep-draw metal components based in New Jersey was being asked to leave its current bank. Concord was retained by the company and its mezzanine investor to obtain commitments for new financing. Concord conducted a comprehensive assessment of the company’s financial condition and qualified a number of leading financial institutions. Concord successfully arranged and closed a $6.2 million senior secured credit facility, with a nationally recognized asset-based lender, consisting of a $3.5 million revolving line of credit, a $2.2 million real estate mortgage and a $408 thousand equipment term loan.
$150 Million Plastics Consumer Products Manufactuer
$20.0 Million Revolving Line of Credit
$13.5 Million Equipment Term Loan
This privately held Consumer Products Manufacturer, located in Indiana, was under a Forbearance Agreement with its lender, who was also mandating that it seek replacement financing totaling $33.5 million. Retained by the company to evaluate its financing options, Concord conducted a comprehensive assessment of the company’s financial condition and qualified a number of leading financial institutions in the Midwest. Concord represented the company throughout the entire refinancing process, including solicitation of proposals, due diligence, negotiation of the commitment letters and closing of the transaction.
$75 Million Non-Ferrous Scrap Metals Converter
$15.0 Million Revolving Line of Credit
$1.9 Million Term Loan
$1.5 Million Capex Line of Credit
A management group comprised of seasoned secondary metals executives and operations managers retained Concord to advise on the acquisition of a Non-Ferrous Scrap Metals Converter located in Indiana. Concord performed due diligence on the target and advised the client on purchase structure, ongoing negotiations with the seller and financing options. Concord managed the entire financing process, including solicitation of proposals, due diligence, negotiation of the commitment letters and closing of the transaction, resulting in substantial savings to the client.
$40 Million Agricultural Equipment Manufacturer
$7.5 Million Revolving Line of Credit
$3.2 Million Equipment Lease
An Agricultural Equipment Manufacturer located in the Midwest was under a Forbearance Agreement with its lender who was demanding the company seek new financing. Concord was retained late in the situation and was asked to find a new lender in 60 days. Concord conducted a situational assessment, conferred with company management and the lender. Contrary to the bank’s opinion, Concord successfully convinced the bank that a refinancing was feasible and, because of Concord’s long standing relationship with the bank, the bank agreed to support the refinancing process. Concord brought the transaction to the asset-based marketplace and obtained several proposals within 30 days. Concord successfully completed a $7.5 million revolving line of credit and a $3.2 million equipment lease with two separate financial institutions. The transaction was complete within 60 days and Concord was able to save the client substantial time and expense in its exit from its current bank.
Investment Banking to the Middle Market
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