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MB Business Capital Provides $23.7MM Credit Facility to Shawnee Tubing Solutions

June 15, 2017, 07:06 AM
Filed Under: Manufacturing

MB Business Capital, a division of MB Financial Bank, N.A., announced it recently provided a new $23,700,000 senior credit facility to Shawnee, Oklahoma based Shawnee Tubing Solutions, LLC. The transaction was part of an acquisition of select assets from Shawnee’s previous parent Wolverine Tube, Inc. A group of investors led by the former VP/GM, Greg Gallman purchased Wolverine Tube Inc.'s manufacturing plant and select assets in Shawnee, Oklahoma and plans to keep the facility operational. Gallman now leads the company as its CEO.

Shawnee manufactures copper tube that is sold into the “Industrial Tube” (HVAC and refrigeration) market. MB’s credit facility was used to support the acquisition and to fund working capital needs going forward.

Waypoint Private Capital represented the buyers helping facilitate the acquisition. Waypoint Private Capital is an Investment Banking firm serving middle-market companies in Wisconsin, Illinois, Oklahoma, Arkansas and across the United States.

“We know that companies across the country strive to keep their loyal workforce employed. We are very pleased that we were able to provide a new lending relationship that supported the Shawnee/Wolverine acquisition and helped save hundreds of jobs in Shawnee, Oklahoma,” says Michael Sharkey, President of MB Business Capital.

"We look forward to continuing to build our company here in Shawnee and to provide employment opportunities and economic benefit to the community for many years to come. The city of Shawnee stepped up and STS is forever grateful. Local banks and community investors were key in supporting this transaction MB Capital through various partnering options stood out from the very beginning as the partner of choice. Expedited closing was requested where MB Capital’s knowledge and professional staff made the request a reality. These guys really know their stuff and am looking forward to our relationship moving forward,” says Greg Gallman, CEO of Shawnee Tubing Solutions, LLC.

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