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Cole Taylor Business Capital Provides $4.7MM Acquisition Funding for Gasko Rhopac

January 04, 2013, 07:04 AM
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Cole Taylor Business Capital, a division of Cole Taylor Bank, recently announced that it closed on a $4.7 million loan funding the acquisition of Gasko and Fabricated Products and Rhopac Fabricated Productsby Lazarus Capital Partners of Birmingham, Alabama. Gasko and Rhopac manufacture non-metallic parts and components for applications and sub-assemblies that require gaskets, pads, seals, sound dampening, diaphragm and other related die cut parts. The companies have facilities in Ohio and Illinois and serve customers globally in the automotive, consumer electrical, fluid power, HVAC, industrial, lawn and garden, medical, and transportation markets.

Lazarus Capital Partners used the funding proceeds to acquire the assets of the two operating companies and provide for their ongoing working capital needs. Lazarus Capital Partners is focused on acquiring controlling equity interests in lower-middle-market operating businesses.

Commenting on the transaction, Lazarus partner Hewes T. Hull said, “With tax law changes on the horizon, the seller wanted to make sure that the deal closed well ahead of the year end. In turn, that created a time crunch which was more intense that normal. But the Cole Taylor Business Capital team handled it extremely professionally. We closed the deal on time because of them. I'm grateful for the effort and attention that the Cole Taylor team put into this transaction.”

Cole Taylor Business Capital is the asset-based lending division of Cole Taylor Bank.

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