BIRMINGHAM, Mich., March 16, 2017 /PRNewswire/ -- Soaring Pine Capital (SPC), a Simon Group Holdings (SGH) company, through its Soaring Pine Capital Real Estate and Debt Fund II, LLC, closed on a $1.7 million loan to Paramount Industrial Machining, Inc. (PIMI).
The proceeds of the loan were used to purchase three industrial buildings in Oak Park, Mich., formerly owned by Paramount Precision Products, Inc. (PPPI). PIMI is a new company, founded and owned by Maxwell J. Schwartz of Farmington Hills, Mich., who also purchased the personal property of PPPI along with the real estate. PIMI is a leading supplier of precision component machining for the automotive, industrial, service and aftermarket business segments.
Schwartz also owns Cincinnati, Ohio-based, Global Manufacturing Industries, which manufactures, distributes, and sells high quality magnetic heads and has significant operations in Razlog, Bulgaria.
SGH Founder and Chairman Sam Simon said, "We're happy to support visionary entrepreneurs and business owners who are looking to expand their operations and to update properties that otherwise may have been shuttered. Maxwell benefited by getting an opportunity to transform a company, preserving the jobs of 30 employees. The City of Oak Park will benefit through the revitalized use of these industrial properties. Simon Group Holdings benefited from our decision to invest in people thus realizing a return on our loan."
According to Schwartz, "U.S. manufacturing operations are the foundation of our country. I'm looking forward to leading Paramount and helping it grow to new levels while remaining a strategic supplier of choice. I appreciate the support we received from the Soaring Pine Capital team, as well as how quickly we moved to the close."
Paul Schapira, Managing Partner, SPC
Beth Beal, VP, Business Development and Loan Originations, SPC
About Soaring Pine Capital
Founded under the umbrella of Simon Group Holdings in 2014, Soaring Pine Capital (SPC) invests in lower middle market opportunities via private fund investment strategies in private equity and real estate. SPC's private equity funds focus on supporting visionary entrepreneurs and making middle market investments, particularly in the areas of energy, logistics, infrastructure, transportation, manufacturing and business services. Similarly, the SPC real estate investment funds focus on lower middle market real estate opportunities including undervalued real estate, note purchases, multifamily, bridge/hard money loans, etc.
About Simon Group Holdings
Simon Group Holdings (SGH) was created in 1985 with the founding of Atlas Oil Company by Sam Simon. SGH has interests in comprehensive energy solutions; fuel supply; oil field services; logistics and transportation; real estate investment; private equity; technology services; and turnkey modular solutions. Its growth is fueled by more than 30 years of successful operational entrepreneurship, which has resulted in the creation of three new businesses since 2014, along with significant investments in three additional companies.
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SOURCE Soaring Pine Capital