MB Business Capital, a division of MB Financial Bank, N.A., announced it recently provided a new $15,500,000 senior credit facility to Texarkana, Arkansas based Tri-State Iron & Metal Co., Inc.
Tri-State is a third generation, family run business which has been in business since 1947. They are a metals recycler that recycles both ferrous and nonferrous materials, as well as a small amount of paper and plastic. MB’s credit facility will be used going forward to fund working capital needs and acquisitions.
“MB Business Capital understands and has extensive experience working with cyclical companies like Tri-State. We creatively structure facilities that allow our borrowers to have full control over their availability requirements. We are very happy to welcome Tri-State Iron & Metal Co., Inc. to MB.” says Michael Sharkey, President of MB Business Capital.
“We have been in business for over 70 years and in that time we have had two banks. Now that we are with MB Business Capital we look forward to working together with them as our third banking relationship. Their desire to understand our business and growth plans are what helped us decide to make the change. Our family and team here at Tri-State look forward to a long lasting relationship built on trust and understanding of the dynamic environment we operate in.” says Howard Glick, CEO of Tri-State Iron & Metal Co., Inc.
Butler Snow Advisory (“BSA”) provided assistance on the new transaction. Butler Snow Advisory is a subsidiary of the law firm of Butler Snow LLP. With offices in Memphis and Nashville, Tennessee, Birmingham, Alabama and Jackson, Mississippi, BSA works with clients throughout the country as they address their most critical challenges and opportunities, helping to lead their businesses through periods of growth and transformation. Butler Snow Advisory specializes in providing executive-level strategic guidance to private, family owned and closely held companies.
“MB Capital was a pleasure to work with throughout the process of establishing this new credit facility. Their team displayed a genuine desire to understand the metal recycling business, and to architect a solution that was customized to our needs. The Tri-State team has delivered outstanding results in the face of market fluctuations, and this new facility will ensure that ample capital exists to support future growth. Butler Snow Advisory is pleased to have partnered with Tri-State and MB Business Capital to forge this new relationship.” Says Scott Stone, Principal of Butler Snow Advisory Services, LLC.