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MB Business Capital Provides $8MM Credit Facility to WM Coffman

June 22, 2016, 07:57 AM
Filed Under: Manufacturing

MB Business Capital recently provided an $8 million senior credit facility to Plano, Texas based WM Coffman Resources, LLC (“Coffman”). Coffman is the market leader in the residential stair parts industry within the United States. They are a one-stop shop for residential, interior stairway design and construction. WM Coffman is a portfolio company of Prophet Equity. Proceeds of the facility were used to facilitate the acquisition of Staircrafter’s Supply, LLC (“Staircrafter’s”) in Rahway, NJ, refinance existing debt and to fund working capital needs.

WM Coffman has been a valued customer of MB Business Capital since 2012. Prophet Equity acquired Staircrafter’s and approached MB, as well as other lenders, for a new line to enable the acquisition and refinance existing debt. MB Business Capital won the deal and was able to provide a resourceful facility that gave Prophet more liquidity with a larger revolving line of credit and a very creative term loan. MB also added value to the transaction by introducing Prophet to Spell Capital Mezzanine Partners. Subsequently, Spell was brought into the deal by Prophet to provide Mezzanine financing for Coffman.

“The MB Business Capital team prides itself on closing what we propose and looking at each deal individually. We do not have a 'cookie cutter' product and each deal is underwritten according to the company’s needs and capabilities. We are very pleased that we were able to accommodate Prophet Equity’s requests and WM Coffman will continue to be a highly regarded customer," says Michael Sharkey, President of MB Business Capital.

Prophet Equity is a private equity firm based in Southlake, Texas that partner with owners and management teams, and their team of experts to utilize a Holistic Value Creation™  (HVC™) strategy and Prophet Full Potential Value™ (PFPV™) system that is Fortune 500 tested and private equity proven to diagnose and drive dramatic value creation.

Spell Capital Partners (Spell Mezzanine) is a private equity and buyout firm based in Minneapolis, Minnesota. They are engaged in the acquisition of controlling interests in well-managed, historically profitable industrial manufacturing businesses.

MB Business Capital is the asset-based lending division of MB Financial Bank, a commercial bank headquartered in Chicago.  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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