MB Business Capital, a division of MB Financial Bank, N.A., announced it recently provided a new $9.32 million senior credit facility to Air Waves, LLC. Air Waves is a leading provider of on demand garment printing and fulfillment services. Air Waves services several major online retailers, including Amazon, Zulily and Walmart.com by offering thousands of creative, high quality apparel products with rapid turnaround time and “mass customization” capabilities. Proceeds of the facility were used to support the asset purchase of Air Waves, LLC by a consortium of sponsors; Stewart Capital Management, C3 Capital, Cave Creek Capital Management and Northwood Ventures LLC, as well as support on going working capital needs.
“I don’t think I can say enough good things about MB Business Capital and how great the team has been to work with. The entire transaction went so smoothly. The MB team moved very quickly and worked with us to resolve issues expediently, even when it wasn’t an MB issue,” says Paul S. Pickard, Managing Director of Stewart Capital Management.
“We value our relationships with our key partners and we look forward to enhancing our relationship with all the participants in this facility. MB Business Capital welcomes Air Waves as a new customer and we support their continued success,” says Michael Sharkey, President of MB Business Capital.
Stewart Capital Management based in Stilwell, KS, invests private equity in middle-market manufacturing, distribution, direct marketing, restaurant, and retail companies with revenue in excess of $20 million. Stewart Capital Management will consider currently profitable but under-performing businesses, including those in need of either or both financial and operating restructuring.
C3 Capital is a fund management company based in Kansas City, with a satellite office in Phoenix. C3 currently manages three funds (C3 Capital Partners, L.P., C3 Capital Partners II, L.P. and C3 Capital Partners III, L.P.), with approximately $460 million in assets that provide capital for businesses to finance later stage growth, strategic acquisitions, ownership transitions, and recapitalizations. The funds make $2 million to 15 million investments in the form of subordinated debt or preferred equity in established businesses with a history of profitability. All three funds are licensed as Small Business Investment Companies. The General Partner of each fund renders all investment advisory services to the funds from their offices in Mission Woods, KS.
Cave Creek Capital Management (CCCM) is a growth investor and tailors its investments to meet the needs of Entrepreneurs seeking long term, patient capital. CCCM primarily invests in businesses between $15 million to 50 million with proven operations and sustainable cash flows, with the flexibility of a family office and the talent of a major firm. They do not require control and can invest in both equity and debt. Cave Creek Capital is located in Phoenix, AZ.
Northwood Ventures LLC invested in the acquisition of Air Waves, Inc. Northwood Ventures LLC, based in Syosset, NY, is a private equity fund primarily investing in the consumer, manufacturing and communications sectors. Founded in 1983, the firm seeks equity investments of $2 million to $12 million and has made over 170 investments since its inception.
MB Business Capital is the asset-based lending division of MB Financial Bank, a commercial bank headquartered in Chicago, Illinois. 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. The firm can also provide access to the full range of business banking products and services offered by MB Financial Bank.