Siena Lending Group LLC (“Siena”) announces the completion of a $21.5 million asset-based revolving line of credit for Arandell Corporation (“Arandell”). The facility was provided in conjunction with Saothair Capital Partners (“Saothair”) to fund the acquisition pursuant to a 363 sale of assets under Chapter 11, and for working capital needs to support future growth.
Founded in 1922 and based in Menomonee Falls, WI, Arandell is one of the nation’s leading providers of high-quality catalog and brochure printing, mailing and logistics, with a strategic focus on upscale retailers and well-recognized brands throughout the United States. With approximately 530 employees, Arandell’s operations include a state-of-the-art prepress department, one of the industry’s most efficient heat-set web pressrooms, and a bindery that includes saddle stitching, perfect binding and co-mailing capabilities.
Dave Grende, President and CEO of Siena said, “We are pleased to be a partner to Saothair for their first investment as a PE firm focused on the lower middle market. We are even more pleased to be a part of a transaction that will help in maintaining over 500 jobs in Wisconsin during a challenging economic period. Arandell has quite a storied history, along with a quality product. The acquisition as well as bankruptcy exit financing that was provided is the final step to ensure their viability and long-term success.”
Kevin Madden, Co-founder and Managing Partner of Saothair said, “Arandell is exactly the sort of business Saothair was created to invest in – a fundamentally strong company that is highly valued by its customers and a leader in its industry, but one that has been held back by an over-leveraged balance sheet and beset by the historic, unprecedented challenges of the COVID-19 pandemic. We are extraordinarily grateful to the International Brotherhood of Teamsters and this committed and talented workforce for their confidence in us to be stewards in the next chapter of Arandell’s long history of success. We are also appreciative of the team at Siena in working with us on a financing arrangement that fit the unique needs of this acquisition and this business.”