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TCFCF Provides $17MM to Support Prospect’s Acquisition of Owen Equipment

July 14, 2014, 07:52 AM
Filed Under: Manufacturing

TCF Capital Funding ("TCFCF"), the Chicago-based cash flow and asset-based lending division of TCF National Bank (“TCF Bank”), announced that it provided a $17 million secured financing to support the acquisition of Owen Equipment (“Owen” or the “Company”) by Chicago-based private equity firm, Prospect Partners. 

Headquartered in Portland, OR, Owen is the leading environmental maintenance equipment company in the Western U.S. The Company is the exclusive distributor for Federal Signal Corporation’s products and a key regional supplier of Vactor and Elgin product lines in Oregon, Washington, Northern California and select counties in Idaho and Nevada.

"We are excited to partner with this exceptional management team, and expand our relationship with Prospect Partners," said TCF Capital Funding Senior Vice President Edward Ryczek.

TCF Capital Funding provides cash flow and asset-based lending to lower middle market businesses.  National in scope, this senior leveraged lending group focuses on providing private equity sponsor-backed cash flow loans and asset-based loans to companies with less than $100 million in revenue and between $2 million and $10 million in EBITDA. 

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