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MB Business Capital Announces $25MM Funding for Emtec

April 13, 2015, 07:33 AM
Filed Under: Technology

MB Business Capital, a division of MB Financial Bank, N.A., announced it recently provided a new $25 Million senior credit facility to Radnor, PA-based Emtec, Inc. The company provides industry specific transformative digital solutions to world-class organizations in the enterprise, federal, state and local government, and education markets. They have offices in 11 cities in the U.S., Canada and India. The new MB credit facility was provided to facilitate the acquisition of Lucidity Consulting Group, a business and technology consulting firm and to fund working capital needs of the company going forward.

Gregory P. Chandler, Chief Financial Officer of Emtec, Inc. commented, “MB Business Capital was a true partner for our capital needs. They provided creative ideas which allowed us to finance our short term and long term objectives. We were extremely impressed with their flexibility and efficiency in helping us execute the Lucidity transaction. Emetic is pleased to have them on board for our future growth needs.”

Michael D. Sharkey, President of MB Business Capital commented, “We are very excited to become a long-term partner with Emtec. We believe the Company’s management team brings a great deal of expertise and experience to the IT Services Market, and we are excited about the new capabilities Lucidity brings to the Company. Management has positioned themselves to move Emtec’s name into the frontlines of the IT consulting and outsourcing market. We are looking forward to helping them grow.”

MB Business Capital is the asset based lending division of MB Financial Bank, a commercial bank headquartered in Chicago, Illinois. MB Business Capital seeks asset based lending opportunities in the $5 million to $50 million range and is offering dedicated syndication opportunities of up to $100 million. The firm can also provide access to the full range of business banking products and services offered by MB Financial Bank.

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