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MB Business Capital Announces $24.5MM Credit Facility for Lamination Specialties

April 18, 2018, 07:15 AM
Filed Under: Manufacturing

MB Business Capital, a division of MB Financial Bank, N.A., announced it recently provided a $24.5 million senior credit facility to Chicago-based Lamination Specialties Corp. Lamination Specialties Corp. is one of the largest manufacturers of electrical steel laminations in the United States, including transformer, motor and custom-designed laminations. In addition, they also operate a full-service electrical steel service center. MB’s credit facility was used to assist Chicago-based Union Partners with its acquisition of the Company and will fund working capital and capital expenditure needs going forward.

Lamination Specialties joins Union Partners, a hands-on, full-service metals and logistics company with integrated facilities located throughout North America. Union Partners’ steel service centers offer full metals processing and logistics services to its diverse set of customers. The acquisition further marks Union Partners’ commitment to the electrical steel and lamination markets currently supplied through Mapes & Sprowl and Cortran. Combined with their existing strength in these markets, the addition of Lamination Specialties fortifies Union Partners’ commitment to providing superior service and offerings to their clients.

“We were able to leverage our expertise in the metals industry and we provided a comprehensive structure. The new facility included a cash flow component to our term loan and we closed in a tight time frame,” said Michael Sharkey, President of MB Business Capital.

Chris Hutter and Paul Douglass, co-founders of Union Partners, added, “As a Chicago-based business, we could not be happier to partner with the MB Business Capital team. The depth of their team and understanding of industry fundamentals was a perfect fit for our acquisition. Collectively, we were able to invest funds into a growing Chicago business with a bright future ahead.”

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