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Fifth Third Business Capital Provides $16MM Senior Credit Facility to Tidewater Fleet Supply

February 26, 2020, 08:50 AM
Filed Under: Wholesale

Fifth Third Business Capital, a division of Fifth Third Bank, National Association, announced it acted as sole lender and administrative agent on the funding of a senior credit facility to Tidewater Fleet Supply, LLC. (“TFS”) based in Norfolk, Virginia. Founded in 1953, TFS is the leading Southeastern independent wholesale distributor of heavy- and medium-duty aftermarket truck and trailer parts serving more than 4,000 customers through 14 locations across five states. Fifth Third’s credit facility will be used to fund the company’s capital expansion, growth initiatives and working capital needs going forward.

TFS is a Falcon Affiliates (“Falcon”) company and part of Falcon’s Industrial Growth and Services platform.  With offices in Richmond, Virginia and Tampa, Florida, Falcon is a family office that invests in leading industrial distribution, services and light manufacturing companies in the Southeast, Mid-Atlantic, South and Texas.

“We worked early on to understand the key drivers of the client’s business and growth initiatives as well as the investment thesis and vision supported by Falcon to ensure we brought the right solution,” said Michael Sharkey, president of Fifth Third Business Capital. “We were able to provide some creative components to our financing proposal that provided as much capital as possible for TFS to execute their initiatives in conjunction with a recapitalization. We also closed this in a very tight time-frame providing quick and effective service for our new customer and partners at Falcon.”

“The Fifth Third Business Capital team demonstrated their creativity and acumen in helping TFS identify and structure a unique solution to support its growth plans and recapitalization.  The new credit facilities encompass working capital, Capex and M&E needs,” said Will Krusen, president of Falcon Affiliates. “The future is very bright for TFS and we are looking forward to the relationship with Fifth Third in 2020 and beyond.”

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