FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
 
Skip Navigation LinksHome / Press Releases / Read Press Release

Print

Crystal Financial Provides $30MM Term Loan to Brake Parts Inc

September 03, 2014, 07:33 AM
Filed Under: Manufacturing


Crystal Financial LLC, an independent commercial finance company, announced the closing of a $30.0 million Senior Term Loan for Brake Parts Inc LLC (“BPI”).  Headquartered in Illinois, BPI is a leading provider of brake parts and systems for the aftermarket automotive sector in North America.

BPI designs, manufactures, and distributes brake parts and systems for virtually all makes and models.  Its Raybestos® brand has been a quality leader for over 100 years.

Proceeds from the facility will be used to provide for ongoing working capital and a shareholder distribution. The loan matures in February 2020.

"The Company’s global manufacturing footprint, its leadership position, and the reputation of its products are only a few of the Company’s many attributes. Throughout the process, we were highly impressed with management as well as the shareholders and their vision for the Company”, commented Mirko Andric, Director at Crystal.  “We are pleased to be a part of this transaction."

“Crystal delivered on the proposed structure and worked closely with our existing ABL agent to close the transaction.   They demonstrated the ability to quickly understand our business and industry and we look forward to the partnership.” said David Overbeeke, BPI’s Chief Executive Officer.

Brake Parts Inc LLC (BPI) headquartered in McHenry IL, is a leading global brake system products manufacturer and supplier to the transportation industry. The BPI brake product offering includes brake pads, shoes, rotors, drums, calipers, hydraulic parts and wheel hubs. The Raybestos® brand of brakes has over a 100 year heritage and are used by premier NASCAR® motorsports teams such as Joe Gibbs Racing and Roush Fenway Racing. 

Crystal Financial LLC, a portfolio company of Solar Capital Ltd., is an independent commercial finance company that provides senior and junior secured loans for both asset-based and cash flow financings (minimum of $10 million in fundings) to middle-market companies. Its team of experienced, responsive professionals has underwritten, closed and managed more than $20 billion in secured debt commitments across a wide range of industries.







Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.