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U.S. Bank Provides $75MM ABL Revolver for RelaDyne

January 08, 2015, 07:38 AM
Filed Under: Distribution

Cincinnati-based commercial products distributor RelaDyne, LLC has closed on a $75 million asset-based revolving credit facility with U.S. Bank to support the company’s continued growth.

“We are very pleased to establish this new relationship with RelaDyne. We were able to combine local relationship delivery with our asset-based lending capabilities,” said Sam Philbrick, president, U.S. Bank Asset Based Finance, which underwrote and arranged the facility. “RelaDyne is an industry leader poised for continued success. We worked closely with their leadership team to ensure the facility supports near- and long-term growth initiatives.”

RelaDyne is an industry leading distributor of lubricants, fuels & equipment reliability services to the commercial, industrial, and automotive markets. The firm was founded in 2010 when four U.S. companies, with combined industry experience of over 225 years, joined together. With the support of business-building partner AEA Investors LP, the firm has grown to serve more than 10,000 clients.

“The U.S. Bank Asset Based Finance team assembled an impressive group of specialists who provided superior strategic guidance and assistance. We look forward to expanding our relationship with them in the future,” said Paul Helton, Chief Financial Officer at RelaDyne.

“We are very pleased and proud that we could enter into a business relationship with U.S. Bank.  As we continue to grow locally and across the United States, U.S. Bank brings the experience and capabilities as a partner to help us achieve our growth and financial goals,” added Larry Stoddard, Chief Executive Officer, RelaDyne.

U.S. Bank Asset Based Finance is one of the nation’s fastest-growing asset based lenders providing financing solutions to middle-market and large cap companies in the United States and Canada. Financing supports working capital, growth, acquisitions and turnarounds across a wide spectrum of manufacturers, distributors, service providers and retailers.

RelaDyne, headquartered in Cincinnati, Ohio, is an industry leading lubricant, fuel, and DEF distributor providing customers with integrated reliability management services for industrial and commercial businesses in the US. Four industry leaders – Mid-Town Petroleum, Inc. (Bridgeview, IL), Oil Distributing Company (Cincinnati, OH), The Hurt Company, Inc. (Houston, TX) and Pumpelly Oil Company (Sulphur, LA) – joined to form RelaDyne on Nov. 8, 2010.  Now, RelaDyne’s distribution platform spans 23 locations serving 13 states in the Central US.  In May 2014, RelaDyne’s industrial services business expanded with the acquisition of Turbo Filtration Corporation (TFC), enhancing their offering to key industrial customers throughout the United States.  The company also benefits from the support of its business-building financial partner, AEA Investors LP, which manages funds worth approximately $6 billion of invested and committed capital.

U.S. Bancorp, with $391 billion in assets as of September 30, 2014, is the parent company of U.S. Bank National Association, the 5th largest commercial bank in the United States. The Company operates 3,177 banking offices in 25 states and 5,026 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions.

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