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BHI Commercial and Industrial Group Closes $45MM in New Financings

January 20, 2022, 08:00 AM
Related: BHI

BHI's Commercial and Industrial Group closed $45 million in new financing transactions for two New York companies. BHI has provided a $40 million revolving line of credit for Veja Electronics, Inc., an electronics distributor specializing in semiconductors and electronic components based in Deer Park, New York. 

For Brooklyn-based Tanner Bolt & Nut, Inc., a supplier of fasteners and contractor supplies, BHI has provided a $5 million line of credit.

Incorporated in 1986, Veja Electronics provides supply chain solutions and electronics distribution of semiconductors and related components.  The company has 11 sales offices in the US, Mexico, Europe and Asia.  Veja Electronics will employ the financing for working capital to support its robust sales growth due to the ongoing shortages of semiconductors, particularly in the automotive and telecommunications sectors.

“The financing from BHI supports our growth as we’ve leveraged our worldwide supplier network and continue to fulfill the global demand for semiconductors and electronic components, especially in automotive and telecom,” said Jeff Grimaldi, Operations Manager of Veja Electronics.

Tanner Bolt & Nut, incorporated in 1979, distributes products including fasteners, tools, and safety equipment to the construction and specialty contractor industries both in the New York metropolitan and national markets.  The company is headquartered in East New York, Brooklyn and operates warehouses in Maspeth, Queens, Sunset Park, Brooklyn, and Farmingdale, Long Island.  The financing will be applied to refinance an existing facility, and for working capital and general corporate purposes.  

“The expert team at BHI understood our needs and worked in close collaboration with us to complete the transaction.  We look forward to a continuing productive partnership with the bank,” said Jeff Tannenbaum, President of Tanner Bolt & Nut.

“At BHI, we specialize in taking a customized approach to our clients and tailoring financial solutions to their individual requirements.  We are very pleased to partner with these companies and assist them to meet their business goals,” said Barry Renow, First Vice President, Specialty C&I at BHI.

“These deals are indicative of the substantial transaction volume we continue to see in the C&I group, which has closed more than $1 billion in financing in 2021.  Supporting our clients’ strategic objectives is integral to our success,” said Carl Giordano, Senior Vice President, C&I at BHI.

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