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Cole Taylor Business Capital Provides $10MM Acquisition Facility for Tenere

March 20, 2013, 07:14 AM
Filed Under: Manufacturing

Cole Taylor Business Capital (CTBC), a division of Cole Taylor Bank, recently announced the funding of a $10 million credit facility to Tenere, Inc. The company, headquartered in Dresser, WI, is a full-service designer and fabricator of complex metal and plastic components and assemblies.

The proceeds of the facility were used by Watermill Group, a private equity group located in Lexington, MA, to acquire Tenere from Stonehenge Partners. Based on their experience with Cole Taylor as a key partner, Stonehenge recommended CTBC to Watermill as the right lender to structure the complex transaction. CTBC provided senior financing working in conjunction with a uni-tranche term loan provided by Medley Capital Corporation.

Benjamin Procter, a partner at Watermill, said, “We are very pleased to continue Tenere’s relationship with Cole Taylor. As a trusted, long term partner for Tenere, CTBC will be instrumental in supporting Watermill’s growth strategy at Tenere.”

Cole Taylor Business Capital is the asset based lending division of Cole Taylor Bank, a commercial bank headquartered in Chicago, Illinois. Cole Taylor Business Capital seeks asset based lending opportunities in the $5 million to $50 million range and is offering dedicated syndication opportunities of up to $100 million.

See related story posted on on March 19.

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