MB Business Capital, a division of MB Financial Bank, N.A., announced it recently provided a new $8 million senior credit facility to Arlington, Texas-based Lane Supply, Inc. Lane Supply designs, engineers, manufactures and installs metal structures and fascia systems primarily for retail petroleum marketers. These products include canopies, buildings, architectural roof and cladding packages, along with many other related items. Proceeds of the new credit facility were used to refinance existing debt and fund working capital needs to support continuing growth of the business.
Lane Supply is a portfolio company of Dallas, Texas based Independent Bankers Capital Funds (IBCF). IBCF focuses on mezzanine lending and purchasing equity securities issued by established lower-middle-market companies, primarily in Texas. They operate three Small Business Investment Companies (SBIC) licensed by the United States Small Business Administration.
”We welcome Lane Supply as a new customer and we are thrilled to close another transaction with IBCF. As the quickly growing market of large wholesale clubs and grocery store chains which provide fueling centers to their customers expands, Lane Supply is poised to offer this growing market, solutions from the ground up,” says Michael Sharkey, President of MB Business Capital.
“MB Business Capital stepped up with its considerable financial resources, combined it with the service of a local bank and reacted to our specific needs to achieve a quick, professional and efficient close to our multi-million dollar refinance. MB Financial is a formidable player in our Texas business financing market,” Says Steve Golovich, Vice President and CFO, Lane Supply, Inc.
“Each time we have approached MB Business Capital for them to consider providing financing to one of our portfolio companies; they have concentrated their highly professional resources to get the transaction closed within the promised time frame. Nothing short of outstanding performance,” says Tom Hoyt, partner at Independent Bankers Capital Funds.