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Bank of America Business Capital Provides $71MM ABL to A.H. Harris & Sons

July 15, 2015, 07:53 AM
Filed Under: Construction Supply

Bank of America Business Capital recently closed a $71 million asset-based revolving credit facility to A.H. Harris & Sons, a leading construction supply company. Proceeds from the loan were used to complete a recapitalization of A.H. Harris by Frontenac, a Chicago-based private equity firm.

“Frontenac’s acquisition of A.H. Harris is consistent with our history of investing in industrial distribution businesses with leading franchises that are poised for substantial growth,” said Michael Langdon, managing director at Frontenac.

“For the past four years, A.H. Harris has been strategically developing foundational platforms for growth,” said Jonathan Stanek, vice president of finance and treasurer, at A.H. Harris & Sons. “We are pleased to be working with Frontenac and Bank of America Merrill Lynch on this important transaction.”

“We are pleased to be able to provide this solution to A.H. Harris that fits their needs during this stage in the company’s growth,” said Jeff McLane, President of Bank of America Business Capital. “Bank of America Merrill Lynch has the ability to deliver seamless and efficient credit solutions to our clients and adapt to their changing needs as their businesses evolve.”

A.H. Harris was founded in 1916 as a small, family-owned and operated trucking company in Connecticut. Over the decades, the company has evolved into the leading construction supply company on the East Coast it is today. A.H. Harris distributes building products to the heavy & highway, commercial, industrial and residential markets with the same goal in mind as its founding fathers: To provide “the highest quality products and professional services” to its customers. The company still runs one of the largest trucking fleets, but today’s customers include state DOT’s, contractors, large construction companies, municipalities, and homeowners. With 39 locations from Maine to North Carolina, it is rapidly growing and has earned a leadership role in its industry by providing quality construction solutions, while maintaining its historical values of service and integrity.

Frontenac, based in Chicago and founded in 1971, is a private equity firm that works with proven operating leaders to grow successful mid-sized companies through an executive-centric strategy known as CEO1ST®. This approach is built upon partnering with a strong incumbent management team and complementing the current team with outside talent that has outstanding industry knowledge and a strong performance record. In partnership with management, Frontenac identifies, acquires, and builds market leading companies through operational excellence and transformational acquisitions. 

Bank of America Business Capital is one of the world’s largest asset-based lenders, with more than ten primary offices serving the United States, Canada and Europe. It provides corporate borrowers with senior secured loans of $10 million or more, cash management, interest rate and foreign exchange risk management, and a broad array of capital markets products.

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