Siena Lending Group LLC (“Siena”) announces the closing of a $5.5 million asset-based credit facility for Amfuel, LLC (“Amfuel”), which is scalable up to $8.0 million during the three year term.The financing includes a revolving line of credit, term loans on equipment and real estate, and a capital expenditure facility. The transaction followed Amfuel’s prior acquisition through a 363 bankruptcy sale and will be used for future working capital and equipment financing needs.
Headquartered in Magnolia, Arkansas, Amfuel manufactures self-sealing, crash resistant aviation fuel cells and liquid logistic tank solutions. As one of two qualified aviation fuel cell manufacturers for U.S.Department of Defense aircraft, Amfuel maintains a significant competitive advantage over its smaller domestic competition. The Company utilizes complex proprietary tooling and manufacturing processes to produce collapsible, flexible, rubberized fuel storage bladders that are crash resistant and provide ballistic protection qualities for military, commercial and general aviation aircraft, both fixed-wing and rotary. Amfuel is a portfolio company of LB Advisors, LLC (“LB Advisors”), a Los Angeles based private equity firm which purchased the business out of bankruptcy in November 2018.
Michael Accordino, Managing Director of LB Advisors and President of Amfuel, said, “Siena was able to deliver a preferred financing package for Amfuel on an expediated basis. They showed flexibility to allow for more liquidity and less restrictions for the business which will help spur the future growth of our operations.”
Mark Orlando, Director and Western Region Manager of Siena Lending Group, said, “We’re happy to have completed this financing for LB Advisors to provide additional capital for the continuation and expansion of Amfuel’s business. We’re impressed with the actions taken by the sponsor and management since it was purchased out of bankruptcy and excited to contribute to their future success.”
Russ Belinsky, Co-Founder and Managing Partner of LB Advisors, said, “I’ve known Mark for decades and am pleased we were able to put this financing together for Amfuel. I appreciate Siena’s thoughtful approach to the business and look forward to working on future deals with the Siena team.”