Webster Bank recently announced that it has provided $18 million in senior credit facilities to Edison, New Jersey based Bentley Laboratories, LLC, an industry leader in the formulation and outsource manufacturing of products for the beauty and pharmaceutical industries, in support of Bentley’s recapitalization and acquisition growth strategy.
Proceeds of the financing were used to refinance existing debt, fund an add-on acquisition, and provide general working capital. The senior facilities included a delayed draw tranche to fund future add-on acquisitions. Webster Bank partnered with a reputable middle market private equity firm which provided redeemable preferred stock and mezzanine notes in support of the recapitalization and add-on acquisition.
“Webster Bank’s keen understanding of our business, industry expertise, and ability to craft a flexible financing solution that fit our business well made them a clear choice as a long-term partner who we could depend on to execute our ambitious growth strategy,” said Brian Fitzpatrick, founder and chief executive officer of Bentley.
“We are delighted to partner with Bentley to support this important transaction and its continued growth, as it further demonstrates our commitment to provide innovative financing solutions and banking services to our core Middle Market clients,” said Abby Parsonnet, New York regional president, Webster Bank.
“We appreciated the significant investments that were made in the company and we believe this transaction positions Bentley with additional growth and working capital to continue to scale its operation and pursue opportunistic acquisitions in a fragmented industry,” added Steve Dowe, senior vice president, Webster Bank.
Since its launch three years ago, Webster’s Metro New York commercial banking team has experienced tremendous growth in having grown a portfolio of 35 client relationships representing over $400 million in committed capital for middle market companies across diverse industries.
Webster Financial Corporation is the holding company for Webster Bank, National Association. With $25.6 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust, and investment services through 176 banking centers and 349 ATMs. Webster also provides telephone banking, mobile banking, and Internet banking. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation; the equipment finance firm Webster Capital Finance Corporation; and HSA Bank, a division of Webster Bank, which provides health savings account trustee and administrative services.