Siena Lending Group LLC (“Siena”), announces the completion of a three-year $10.0 million asset based revolving credit facility for Specialty Steel Supply, Inc. (“Specialty”) to assist in the execution of former and current management’s buyout of the business and to provide additional working capital.
Located in Houston, TX, Specialty is one of the largest distributors of specialty stainless steel round bar to a myriad of industries, including automotive, oil and gas, maritime, aerospace and defense.
Paul Haggar, CEO and President of Specialty Steel Supply, said, “We are excited to offer our clients the flexibility of a standalone company and still offer the full Cartech product line. We thank Siena Lending Group for guiding us through this process.”
Nick Payne, Senior Vice President of Siena Lending Group, said, “We are very pleased to partner with Paul Haggar and Ray Damrel to execute this leveraged buyout of Specialty Steel Supply. In concert with Paul, Ray and his team, we were able to execute within the rapid timeframe required by Carpenter Technology Group, Specialty’s publicly traded former parent company, and in doing so, crafted a creative structure that consisted of inventory only as collateral at close. We look forward to working with Specialty as they continue to grow their business.”