Monroe Credit Advisors today announced that it placed $33.0 million of senior secured credit facilities for its client, Smith Mountain Industries, Inc., a portfolio company of private equity sponsor, Strength Capital Partners. The credit facilities are comprised of a $15.0 million asset-based revolving credit facility provided by a bank and an $18.0 million term loan provided by a commercial finance company.
Christopher Gentry, Managing Director and Partner of Monroe Credit Advisors, said, “Strength Capital has a great portfolio company with a terrific management team, which is always integral in attracting competitive financing. We are pleased that we were able to deliver a solution that meets the Company’s immediate financing needs with good lending partners that can also help the Company execute on its future growth plans.”
Smith Mountain Industries manufactures and sells innovative home fragrance products, including candles, reed diffusers, car scents and candle accessories. The company sells the widely popular WoodWick and RibbonWick candles nationwide.
Mike Bergeron, Managing Partner of Strength Capital said, “Monroe ran a market-wide process that resulted in a positive outcome for our company. Their process was efficient and provided us with the resources necessary to successfully refinance our senior debt.”
The Chicago-based advisory firm is executing more engagements with private equity sponsors, particularly with their existing portfolio companies that require timely refinancing. The firm is also focusing on working with sponsors on new acquisitions that require multiple lenders or more complex financing structures.
Monroe Credit Advisors, the investment banking affiliate of middle market lender, Monroe Capital, provides debt capital solutions to middle market companies and their investors through strategies built for today's dynamic credit markets.
See also: Christopher Gentry's article The Void in ABL … What Ever Happened to the Stalwarts? on abladvisor.com.