Siena Lending Group announced the completion of a three-year $7.0 million senior secured credit facility to New Dalton Corporation. The facility will be used to finance Speyside Equity’s (majority owner) and Beckner Clevy Partners stock acquisition of Dalton Corporation and its operating subsidiaries from Neenah Enterprises, Inc.
Headquartered in Warsaw, Indiana, New Dalton is a foundry for complex, heavy-cored, gray iron castings used in critical applications in the HVAC, power transmission, engine, heavy truck, agriculture, and construction industries.
Jeffrey Stone, Managing Director of Speyside, said “We approached Siena because of the excellent experience on our acquisition of Pacific Steel Casting Company assets out of bankruptcy. We were confident that they could deliver the facility on an extremely expedited timeline to close.”
Michael Clevy, partner at Beckner Clevy, added, “Siena Lending did a great job under an extremely aggressive timeline. The due diligence and financial analysis on the Dalton business helped us focus on what we needed to do to get the transaction across the line in less than 30 days from engagement. We appreciate the time and attention to detail the Siena team devoted to this transaction. I know it required many elements of the deal to be done in parallel and lots of late night work.”
David Grende, President and CEO of Siena Lending Group, said, “This is the second financing that we have completed with Jeff Stone of Speyside. His experience and track record in this industry sector gives Siena great confidence that New Dalton will be another successful acquisition."
Siena Lending Group is an independent commercial finance company offering asset-based loans between $1 million and $30 million to small and middle market businesses across the United States. Siena also offers a referral and servicing program, ABL Alliance, which provides community and regional banks with the resources to offer asset based loans without spending the time or money on building an internal ABL capability.