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MB Business Capital Provides $11.88MM for Off-Spec Solutions

February 08, 2019, 07:18 AM
Filed Under: Transportation

MB Business Capital, a division of MB Financial Bank, N.A., announced it acted as sole lender and administrative agent on the funding of an $11,880,000 senior credit facility to Nampa, Idaho-based Off-Spec Solutions. Off-Spec Solutions is an over-the-road trucking company with proprietary tech-enabled enterprise systems automating its direct transportation solutions. The Company currently helps provide the transportation needs of leading food manufacturers and ag producers throughout the western U.S. Off-Spec is a portfolio company of CVF Capital Partners. MB's credit facility was used to refinance senior indebtedness, provide additional working capital, and fund the Company's growth initiative in converting the Company's existing rolling stock from operating leases to on-balance sheet financing.

"MB Business Capital is happy to once again provide a top-notch financing solution for our valued key partner, CVF Capital Partners, and their portfolio company, Off-Spec Solutions. We were able to provide growth and working capital financing that was competitively priced and appropriately structured," said Michael Sharkey, President of MB Business Capital.

Daniel Salvador, the CEO of Off-Spec Solutions, commented, "We are very excited to partner with MB Financial as we expand our fleet to better service our customers. They were responsive to the evolving needs of the business and supported our vision for the future of the company. Off-Spec is well-positioned to benefit from the region's continued economic expansion and now has the right partners in place to accelerate its growth throughout the region."

CVF Managing Partner José Blanco added, "MB Financial is the ideal financial partner for Off-Spec Solutions. Their asset-based approach, flexible structure, and deep understanding of sponsored transaction were critical considerations in selecting the right senior lender. CVF appreciates the bank's support and looks forward to the continued growth of Off-Spec with the help of its newest financial partner."


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