TD Bank Provides $39 Million in Financing to Support the Acquisition of Albert Tire Company
PORTLAND, Maine and CHERRY HILL, N.J., Sept. 17, 2012 /PRNewswire/ -- TD Bank, America's Most Convenient Bank®, announced today that their Asset-Based Lending Group has provided $39 million in financing to support the acquisition of Albert Tire Company by Bennett Capital Partners, LLC, and a private investment firm. The credit facilities consist of a $35 million revolver and a $4 million term loan.
Albert Tire Company is leading wholesale distributor of tires in the Mid-Atlantic region and is headquartered in West Deptford, N.J.
Joe Nemia, Head of Asset Based Lending at TD Bank, commented, "This financing clearly demonstrates TD Bank's appetite to support the middle market private equity community. We are excited about these two groups' vision for this business and look forward to a long and prosperous relationship as their financial partner."
"The TD team has been a pleasure to work with," said Adam Bennett, Managing Partner of Bennett Capital Partners. "Their industry knowledge and business acumen added real value to the deal process. We look forward to growing this business with TD Bank as our financial partner."
About TD Bank, America's Most Convenient Bank®
TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing nearly 8 million customers with a full range of retail, small business and commercial banking products and services at more than 1,299 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J., and Portland, Maine. To learn more, visit www.tdbank.com. Find TD Bank on Facebook at www.facebook.com/TDMoneyLoungeUS and on Twitter at www.twitter.com/TDBank_US.
TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank is one of the few banks in the world rated Aaa by Moody's and trades on the New York and Toronto stock exchanges under the ticker symbol "TD." To learn more, visit www.td.com.
SOURCE TD Bank