MB Business Capital announced it recently provided a new senior credit facility to O.S. Walker Co., Inc. and it’s affiliates (“Walker Magnetics”). Walker Magnetics designs and manufactures industrial magnetic products using permanent, electro-permanent and electromagnetic technologies for workholding, lifting, material handling, scrap magnets and separation. The company’s reach is international with manufacturing, research and development capabilities in North America, Europe and Asia. Walker delivers their product line to over 190 countries worldwide. Proceeds of the facility were used to refinance existing debt and to fund working capital needs going forward.

Walker Magnetics is a portfolio company of Philadelphia, Pennsylvania-based Alliance Holdings. Alliance Holdings is an employee-owned private equity firm that operates as a holding company for the acquisition of equity interest in operating companies. “We are very pleased to have MB Business Credit as our lender at Walker. MB provided a thoughtful and flexible capital structure for Walker and executed the transaction professionally and timely. The deal couldn’t have gone any smoother,” says Trish Papile, CFO of Alliance.

“Walker Magnetics uses innovation to help their customers realize efficiency, safety and reduce costs. MB Business Capital uses our experience, our focus on providing excellent customer service and exceptional financial structures to provide top-notch solutions for our customers. We are very happy to welcome Walker Magnetics as a new customer,” says Michael Sharkey, President of MB Business Capital.

In 1896 Oakley S. Walker, the inventor of the electromagnetic chuck founded the O.S. Walker Company in Worcester, Massachusetts. Walker Magnetics designs and manufactures industrial magnetic products using permanent, electro-permanent and electromagnetic technologies for workholding, lifting, material handling, scrap magnets and separation. Walker’s lifting magnets are commonly used in steel mills, scrap yards, loading docks, warehouses, foundries, shipyards, and coil steel and pipe distributors.

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.