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NewStar Business Credit Provides $10MM Facility to Climax Manufacturing

October 08, 2014, 07:29 AM
Filed Under: Manufacturing

NewStar Business Credit, a wholly-owned subsidiary of NewStar Financial, Inc., announced today that it has provided a $10 million revolving credit facility to Climax Manufacturing Co. (“Climax”).  Located in Lowville, NY, Climax is a leading manufacturer of quality folding cartons used primarily in the specialty retail and supermarket sectors.  Climax is majority owned by DeltaPoint Capital Management, LLC, a New York-based private equity firm.  The credit facility will be used to help facilitate a corporate reorganization and to support ongoing working capital needs.

"Through a complex multi-lender refinancing, NewStar demonstrated exceptional flexibility and cooperative spirit that allowed us to close with all parties. Their willingness to understand our business model and work collaboratively to overcome hurdles has set the stage for a long-term successful partnership," said Rob Bloom, treasurer of Climax.

“We are pleased to partner with Climax to meet their financing needs and help enable them to meet their strategic goals”, stated Milton Iskra, National Marketing Manager for NewStar Business Credit.

NewStar Business Credit provides asset-based and senior, secured “stretch” loans nationally to middle market companies with credit requirements between $5 million and $25 million.  Deal structures are flexible and tailored to meet each client’s unique needs.  Funds can be used for a wide range of purposes, including strategic acquisitions, management buyouts, recapitalization and refinancing, as well as, to support internal growth strategies.

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