Siena Lending Group LLC (“Siena”) announces the completion of a $7.5 million asset-based revolving and term loan credit facility for Facet Medical Technologies, LLC (“Facet”). The facility will be used to support the company’s working capital and continued growth.
Founded in 1969, Facet is a medical Original Equipment Manufacturer that engineers, designs, and develops hand-held medical devices and accessories primarily associated with diabetes care and management (such as lancing devices and lancets, continuous glucose sensing components, pen needles, pressure bandages, and other complementary devices). Facet’s customer base predominantly consists of diabetes products divisions of well-known, global, blue-chip healthcare products companies. Facet is majority owned by Tower Three Partners.
Scott Elliotto, Director of Siena Lending Group, said, "We are pleased to have the opportunity to partner with Tower Three Partners and the company’s management team, and provide a financing solution to accommodate the working capital needs of Facet. It was a pleasure working with them and we look forward to the company’s future growth and success.”
Andrew Goodrow, CEO of Facet, said, “The Siena team was very diligent and constructive during the entire process and structured a financing program that fit our specific needs that will allow us to now focus on growing and managing our business.”
Tower Three Partners is a leading operationally-oriented private equity firm that invests in a concentrated portfolio of U.S.-based middle market companies. With long-term committed capital from major institutional investors and a senior management team that collectively has decades of experience revitalizing businesses, the firm targets equity investments of $50M to $150M that provide a catalyst for growth.