TCF Capital Funding ("TCFCF"), the Chicago-based cash flow and asset-based lending division of TCF National Bank (“TCF Bank”), announced that it provided $16 million of secured financing to support the refinancing of Spell Capital portfolio company, American Card Services (“ACS”), and its acquisition of Production Services Associates (“PSA”) (collectively, “the Company”).  

The Company is a leading manufacturer of printed cards for the gift, loyalty and membership markets serving global retail merchant payment processors.  PSA is a premier large run card manufacturer and production management business and ACS has niche expertise in manufacturing and fulfilling short run gift card orders.  

“The combination of ACS and PSA brings together leaders in the short run and long run segments of the gift card industry.  We are excited to partner with management and Spell to support the Company’s continued growth,” said TCF Capital Funding Senior Vice President Edward Ryczek.

TCF Capital Funding provides cash flow and asset-based lending to lower middle market businesses. National in scope, this senior leveraged lending group focuses on providing private equity sponsor-backed cash flow loans and asset-based loans to companies with less than $100 million in revenue and between $2 million and $10 million in EBITDA.

TCF Bank is a wholly-owned subsidiary of TCF Financial Corporation, a Wayzata, Minnesota-based national bank holding company. As of June 30, 2014, TCF had $18.8 billion in total assets and 380 branches in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana, Arizona and South Dakota, providing retail and commercial banking services. TCF, through its subsidiaries, also conducts commercial leasing, equipment finance, and auto finance business in all 50 states and commercial inventory finance business in the U.S. and Canada.

Spell Capital Private Equity is engaged in the acquisition of controlling interests in well-managed, historically profitable industrial manufacturing businesses. Spell Capital uses its deep expertise in acquisitions and financing to collaborate with management and grow the businesses in which it invests – both internally and through add-on acquisitions.