Cole Taylor Business Capital, a division of Cole Taylor Bank, recently funded a $7.362 million senior revolving credit facility to Las Vegas Color Graphics, Inc. (LVCG) of Nevada. LCVG is a provider of high-end commercial printing, mailing and signage services including electronic prepress, offset and digital printing, finishing, fulfillment and delivery to corporate clients nationwide. Proceeds of the loan facilitated a change of control and the recapitalization of the company and will also be used to fund ongoing working capital needs.
Spell Capital Mezzanine Partners (SCMP), which made a capital investment in LVCG, provides subordinated debt and non-control equity to businesses in a variety of industries across the United States. They finance leveraged acquisitions backed by lower middle-market private equity sponsors, management and family driven ownership transitions, add-on acquisitions, recapitalizations and growth initiatives.
“We value the experience and professionalism of the people at Cole Taylor Business Capital,” said Andrew Leonard, managing director at SCMP. “They were responsive to the needs of LVCG and the investor group, offering a flexible financing package while executing a seamless closing.”
Convergent Capital, a Minneapolis, Minnesota based investment firm also provided debt. Convergent Capital offers structured capital to assist in the growth and/or acquisition of businesses committed to long-term, sustainable growth in a broad range of industries. Convergent is focused on providing debenture and equity capital investments in a variety of situations, structuring investments around recapitalizations, sponsored buyouts, management buyouts, consolidations and add-on financings to their existing portfolio companies.
Bill Vargas, LVCG chief financial officer, said of the deal, “The creativity and flexibility of the financial solution offered by Cole Taylor Business Capital fit perfectly with the needs of LVCG. We truly look forward to having Cole Taylor Business Capital, SCMP and Convergent Capital as our capital partners going forward.”
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.