Cole Taylor Business Capital, a division of Cole Taylor Bank, provided a $14,175,000 senior credit facility to Hollywood, Alabama based Great Western Co., LLC. The facility was used to refinance Great Western’s existing senior and junior debt, which significantly reduced their cost of capital and improved their financial covenant package. The financing also supports the company’s ongoing working capital and capital expenditure needs.
Founded more than 50 years ago, Great Western is a vertically integrated manufacturer and distributor of food and nonfood concession products, concession supplies, and janitorial cleaning solutions primarily servicing distributors in the entertainment and foodservice industries. The company has been owned since 2009 by Yankee Hill Capital Management. Yankee Hill Capital, a private equity firm with offices in New York and California, offers middle-market companies deep operational and investment experience. The firm’s founders have substantial experience in the consumer products and service industries with Fortune 500 companies, private equity and hedge fund investors and look to partner with management teams to grow and develop businesses, both organically and through acquisitions.
Lawrence Weinbach, managing director of Yankee Hill Capital Management said, “Cole Taylor took the time to get to know our business, to understand our capital structure needs and then developed a strong proposal. The facility was structured in a way which fully meets our current needs and provides flexibility to accommodate our future growth. They delivered on what they promised in a timely manner.”
Michael Sharkey, president of Cole Taylor Business Capital said, “Our team takes pride in providing our customers with the best solutions possible. We are pleased that we were able to execute a customized transaction for Great Western and look forward to our new relationship with them.”
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.
Cole Taylor Bank is a commercial bank headquartered in Chicago with assets of $6.0 billion as of June 30, 2013 and is a wholly-owned subsidiary of Taylor Capital Group, Inc.