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White Oak Provides $75MM Term Loan Financing to North Atlantic Imports

April 11, 2022, 08:00 AM
Filed Under: Distribution

White Oak Global Advisors provided a $75 million term loan to North Atlantic Imports, which also operates under the name Blackstone Products, a Utah-based distributor of branded griddles and accessories. The loan was offered on a split-lien basis alongside a Wells Fargo ABL Revolver.

“Blackstone is an innovator in its industry and we are excited to support their continued growth,” said Albert Brandano, Director of Originations at White Oak Global Advisors. “We worked hand-in-hand with the Company to tailor a solution to help facilitate a pending business combination while best positioning Blackstone for the future.”

The Company announced in December 2021 that it had entered into a definitive business combination agreement with special purpose acquisition company, Ackrell SPAC Partners I Co. (“Ackrell”, Nasdaq: ACKIU). Subject to the satisfaction of certain closing conditions, Blackstone will become a public company and is expected to be traded on the Nasdaq under the new ticker symbol “BLKS.”

Roger Dahle, Founder & CEO of Blackstone Products said, “At this critical stage of our growth, Blackstone required a differentiated credit solution. White Oak has been incredibly supportive in this capacity, leveraging their deep market expertise without sacrificing execution and I appreciate their partnership.”

“We are pleased to have worked with White Oak to create a financial solution that supports Blackstone’s new business venture,” said Jeff Kaye, Director with Wells Fargo Commercial Capital Originations. “Blackstone has done a great job positioning themselves as a market leader and we look forward to being part of their continued success and helping them achieve their long-term strategy.”

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