Amalgamated Capital Co-Leads $25 Million Senior Debt Financing for PNC Equity Partners' Acquisition of Wheaton Industries
NEW YORK, June 14 /PRNewswire/ -- Amalgamated Capital (AmalCap), a recently formed division of Amalgamated Bank, announced today it served as Co-Lead Arranger for a $25 million senior secured credit facility in support of the acquisition of Wheaton Industries Inc. (Wheaton) by PNC Equity Partners II, L.P. AmalCap provides cash flow-based senior debt financing to support investments made by private equity sponsors in high quality, lower middle market companies.
Based in Millville, NJ, Wheaton is a leading provider of containers, laboratory ware, and instrumentation to the laboratory, life sciences, diagnostics, and reagent/chemicals packaging markets. PNC Equity Partners is a private equity firm managed by an affiliate of The PNC Financial Services Group, Inc.
"This transaction dovetails perfectly with our business development strategy," said Timothy Clifford, Executive Vice President and Head of Amalgamated Capital. "Our goal is to work with top tier private equity sponsors like PNC Equity Partners, and our target market is high quality companies of the caliber of Wheaton that fall into the smaller middle market sector, are successful in well defined markets, and have seasoned leadership."
"AmalCap came to us highly recommended," said Michael Rost of PNC Equity Partners, "and they worked smoothly with the PNC Equity team members and Wheaton management. They were quick to learn Wheaton's business, and they proved to be flexible throughout the process."
"AmalCap helped to make the transaction happen quickly and efficiently," commented Stephen Drozdow, President and CEO of Wheaton. "Tim and his team, who have substantial experience in specialty manufacturing and value-added distribution, rapidly grasped our company's business. Most importantly, they immediately recognized Wheaton's potential and offered to make introductions to potential acquisition candidates."
About Amalgamated Capital
Amalgamated Capital (AmalCap), founded in September, 2009, is the leveraged finance division of Amalgamated Bank; a New York City-based and privately-owned commercial bank with $4.5 billion in assets. AmalCap is dedicated to creating strong, long-term partnerships with private equity sponsors and focuses exclusively on providing cash flow-based senior debt financings to support investments in high quality, lower middle-market companies. Its borrowers operate in a diverse array of industry sectors and generally have annual revenue ranging from $15 million to $150 million and EBITDA of $3 million to $15 million.
AmalCap offers a wide range of financing products including revolving lines of credit, term loans and senior-stretch/one-stop financings along with best-in-class treasury management services provided by Amalgamated Bank. AmalCap's streamlined approach to financing involves a responsive approval process tailored to meet the time-sensitive needs of our private equity partners. Its financing activity is supported by traditional long-term capital provided by the deposit base of Amalgamated Bank. This stable source of funding gives AmalCap a lending capacity that provides flexible financing solutions tailored to fit a transaction's unique needs and the patience and dependability to be a trusted partner. Visit AmalCap on line at www.amalcap.com.
Amalgamated Bank, established in 1923 by the Amalgamated Clothing Workers of America, continues the progressive traditions of its founders as the only union-owned bank in the United States. Chartered by New York State, Amalgamated Bank is an FDIC insured commercial bank. The Bank's corporate divisions – in addition to Amalgamated Capital – include Retail Banking, Institutional Asset Management and Custody, Commercial Banking, and Real Estate Finance. The Bank's website is www.amalgamatedbank.com.
About PNC Equity Partners
PNC Equity Partners invests in companies operating in micro-markets™, making private equity investments of $10 million to $30 million in leveraged buyouts, recapitalizations and large minority financings of middle market companies with enterprise values between $25 million and $150 million across a variety of industry sectors. For additional information, visit www.pncequity.com.
About Wheaton Industries Inc.
Based in Millville, N.J., Wheaton is a leading value-added manufacturer and re-packager of laboratory supply and packaging products sold to customers worldwide in the life sciences, medical diagnostics and pharmaceutical manufacturing sectors. Throughout Wheaton's 120 year history, the company has provided scientists and engineers with laboratory supplies products that include molded glass bottles, glass vials, plastic containers, closures, accessories, apparatus, and instruments. For additional information, visit www.wheaton.com.
SOURCE Amalgamated Bank