Amalgamated Capital Acts as Co-Lender in $9.5 Million Senior Financing for Apollo Retail Specialists, a Palm Beach Capital Portfolio Company

Oct 26, 2011, 14:51 ET from Amalgamated Capital

NEW YORK, Oct. 26, 2011 /PRNewswire/ -- Amalgamated Capital (AmalCap), the New York-based leveraged finance division of Amalgamated Bank, announced today that, acting as Co-Lender, it had committed $4,750,000 to a $9,500,000 asset-based senior credit facility led by Keltic Financial Services, LLC (Keltic) for Apollo Retail Specialists LLC (Apollo), a Palm Beach Capital (PBC) portfolio company.  AmalCap offers senior secured facilities to support investments made by private equity sponsors in high quality, lower middle-market companies across the United States.

Apollo, based in Apollo Beach, FL, provides specialized construction and installation teams for retailers involved in store set-ups, new store growth, product resets and major remodeling programs.  With offices in West Palm Beach and Tampa, PBC is a private equity investment firm with approximately $325 million in total assets under management.  It specializes in making investments in and building early and middle-stage private companies.  

"We were pleased to partner with Keltic to provide liquidity financing for Apollo, which has a solid customer base that includes many large scale retailers," said Robert Love, Executive Vice President and Head of Amalgamated Capital.  "Apollo has a strong value proposition, providing specialized teams for retail merchandising, new store set-up, and product re-set services for retailers."

"The senior financing provided by Keltic and AmalCap -- a $7 million revolving loan and a $2.5 million term loan -- will provide the liquidity needed to support Apollo's next stage of growth," said James W. Harpel, Senior Partner of PBC.  "Keltic and AmalCap helped us structure the transaction in a way that worked best to meet Apollo's needs, and the close was quick and professionally handled."

About Amalgamated Capital

Amalgamated Capital (AmalCap), headquartered in New York, is the leveraged finance division of Amalgamated Bank, a privately-owned commercial bank with $4.5 billion in assets. AmalCap, launched in September, 2009, is focused exclusively on partnering with private equity sponsors and provides both cash flow and asset-based financing for investments in the lower middle-market nationwide.  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.  Visit AmalCap online at www.amalcap.com.

About Amalgamated Bank

Established in 1923 by the Amalgamated Clothing Workers of America, Amalgamated Bank 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.

Formed in 1973, Amalgamated's Investment Management Division today serves more Taft-Hartley pension plans than any other U.S. money manager. In addition to the Investment Management Division, the Bank's corporate divisions include Commercial Banking, Commercial Real Estate Finance, Amalgamated Capital™, and the Retail Banking Division.  Amalgamated has 27 retail branches including 20 in New York City as well as branches in:  Las Vegas, Nevada; Lyndhurst, New Jersey; Pasadena, California, and Washington, D.C. The Bank's website is www.amalgamatedbank.com.

About Apollo Retail Specialists

Apollo Retail Specialists LLC (Apollo), established in 1992 and based in Apollo Beach, FL, provides specialized construction and installation teams for retailers involved in store set-ups, new store growth, product resets and major remodeling programs. Apollo's Reset and Project teams serve companies in all classes of retail trade across United States, Canada and Mexico – from mass markets, home improvement, supermarket, drug, to automotive, among others.  Union work is executed by Apollo's sister company, Avid Construction, Inc.  For more information, please visit www.apolloretail.com.

About Palm Beach Capital

Founded in 2001, Palm Beach Capital is a private equity investment firm which specializes in making investments in and building early and middle-stage private companies. With offices in West Palm Beach and Tampa, the firm focuses on high growth investment opportunities. Since inception, Palm Beach Capital has made investments in 32 companies and has approximately $325 million in total assets under management. For more information, please visit www.pbcap.com.

About Keltic Financial

Keltic Financial Services LLC, based in Tarrytown, NY, is a privately owned finance company providing asset-based loans to small and middle market companies.  Its asset-based revolving lines of credit range from $1 million to over $10 million, and in addition to providing working capital, its lines of credit may be structured as bridge loans, special accommodation financing, turnaround financing, debtor-in-possession financing, and acquisition financing. For more information, please visit http://www.kelticfinancial.com.

SOURCE Amalgamated Capital



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