Cole Taylor Business Capital announced it recently provided a $10 million senior revolving credit facility to Portage, Wisconsin based Trienda Holdings, LLC. The company is an industrial plastics manufacturer of single and twin sheet plastic thermoformed custom-designed products and specializes in reusable heavy-gauge plastic pallets and shipping containers for the material handling and packaging industry. The facility was used to purchase the assets of Lexington Logistics, LLC, which is now doing business as Trienda and will continue to operate without interruption under its new management. The facility will also be used to support ongoing working capital.
Trienda Holdings is majority owned by Kruger Family Holdings II, LLC with other minority partners. It is a portfolio company of C3 Capital, a fund management company based in Kansas City, Missouri. C3 currently manages three funds that provide businesses with capital to finance later stage growth, strategic acquisitions, ownership transitions, and recapitalizations. C3 Capital provided the mezzanine financing to round out the capital structure to complete the acquisition.
Trienda president David Kruger said they had offers from several lenders, but felt that the Cole Taylor Business Capital team was trustworthy and reliable. “Bankers all have the same product and goals, but not all bankers really get the importance of the relationship between bank and customer. The team at Cole Taylor Business Capital understands the importance of that relationship. They made us feel comfortable, and we trusted that they would provide the best solution for Trienda. True to their word, they met us not half way, but completely on our requests, and closed this deal in a record 15 days.”
Pat Healy, partner at C3 Capital added, “As with every transaction, the Cole Taylor team was terrific and closed this deal in short order. Every time we do a deal with Cole Taylor, we feel like it is the most important transaction they have going on at the moment.”
Cole Taylor Business Capital is the asset-based lending division of Cole Taylor Bank. Cole Taylor 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.