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PNC Bank Provides $48MM in Two Recent Deals

August 04, 2016, 07:36 AM

PNC Bank, N.A. announced the closing of senior secured credit facilities totaling $48 million for two new clients:  Wellnext, a Florida-based family of brands that delivers research-backed nutritional supplements, and Elite One Source Nutrisciences, Inc., a Montana-based manufacturer of supplements for branded marketing companies.

The financing package for Wellnext, a portfolio company of WM Partners, included a $30 million senior secured revolving loan and treasury management services.  Based in Sunrise, Florida, Wellnext is a family of brands that delivers research-backed nutritional supplements for every consumer life stage.

PNC provided an $18 million senior secured financing package for Elite One Source Nutrisciences, Inc., a portfolio company of Ampersand Capital Partners, including a $12 million revolving loan, and a $6 million term loan as well as treasury management and capital markets services.  Based in Missoula, Montana, Elite One is a contract manufacturer of nutraceutical products for the health, wellness and medical nutrition markets.  The company combines in-house product formulation expertise and high-quality manufacturing capacity to develop, produce and distribute tablet, capsule and powder nutritional supplement products.

Both companies will utilize the funds to refinance existing debt and for general working capital purposes.

PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management.

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