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MB Business Capital Announces $30MM Credit Facility for Vulcan

February 21, 2018, 07:04 AM
Filed Under: Metals and Mining

MB Business Capital, a division of MB Financial Bank, N.A., announced it recently provided a new $30,000,000 senior credit facility to Foley, Alabama-based Vulcan, Inc..

Vulcan was formed in 1966 and operates as one of the only completely vertically integrated aluminum processing plants in the U.S. The company melts raw aluminum ingots and scrap into coils. Vulcan’s main product is 5052 aluminum, an alloy with high strength and greater resistance to corrosion, along with alloy 5754, used in automotive applications. Coils are fabricated to customer specifications in a variety of gauges, widths and tempers and are sold into automotive and other OEM markets. Vulcan also operates both a highway and utilities sign blanking plant and a stamping operation. The Company supplies approximately 60% of the aluminum for the North American highway sign market. Vulcan is 100% owned by an ESOP, which was formed in 1975 and was the first ESOP in the state of Alabama. MB’s credit facility was used to refinance existing senior indebtedness and will fund working capital needs going forward. Vulcan was represented on the transaction by Tom Minick, with the Atlanta-based merchant banking and consulting firm Commenda Capital.

“MB Business Capital’s metal and steel industry expertise was key in providing a funding solution that gave Vulcan the added liquidity and flexibility they required,” said Michael Sharkey, President of MB Business Capital.

“MB Business Capital was extremely helpful throughout the funding process aligning their goals with ours and I look forward to our partnership with them as we move our company forward,” stated Tommy Lee, President and CEO of Vulcan, Inc.

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