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MB Business Capital Provides More Than $13MM to Automotive Services Provider

December 19, 2018, 08:03 AM
Filed Under: Manufacturing

MB Business Capital, a division of MB Financial Bank, N.A., announced it acted as sole lender and administrative agent on the funding of a $13,085,000 senior credit facility to Walled Lake, Michigan-based Dedoes Industries, LLC (“Dedoes”). Dedoes is the North American leader in the design and manufacturing of equipment that supports the automotive refinish market. The company’s products are used by auto refinish shops to mix, shake, proportion, formulate, cure and store both water- and solvent-based paint. Dedoes is a portfolio company of Ashland Capital Partners and Graycliff Partners. MB’s credit facility was used to refinance senior indebtedness and to fund working capital needs going forward.d

Ashland Capital Partners is a Chicago-based private investment firm devoted to investing in and growing companies in the lower middle market. Ashland acquires controlling interests in companies with values ranging from $10 million to $50 million and strengthens these businesses with targeted, strategic guidance. They invest for the long term, partnering with in-place management teams to create lasting business value. Ashland is a partnership of family and individual investors. 

Graycliff Partners is a New York, New York-based investment firm focused on lower middle market investments. Graycliff seeks to partner with companies led by strong, entrepreneurial management teams, providing capital for acquisitions, management buyouts, recapitalizations, growth and expansion.“MB Business Capital was able to leverage Dedoes’ fixed assets and consistent cash flow to provide an effective financing solution that included maximum availability against its working capital assets. MB’s new facility paid off the company's senior lender and provided Dedoes with both liquidity for growth and ongoing flexibility to continue to improve its capital structure,” said Michael Sharkey, President of MB Business Capital.

“This refinancing is one of the key milestones we set for Dedoes upon our acquisition. The management at Dedoes and the professionals at MB Business Capital made this possible. We look forward to a long and fruitful relationship with MB Financial,” said James M. Lynch, Senior Managing Director, Ashland Capital Partners.

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