Siena Lending Group LLC (“Siena”) announced the completion of a $15.0 million revolving credit facility for Pacific Steel Casting Company, LLC (“Pacific”). The facility was used to fund the acquisition of Pacific Steel Casting Company by Speyside Equity out of bankruptcy and for working capital needs.
Headquartered in Berkeley, CA, Pacific manufactures carbon, low-alloy and stainless steel castings. The products are sold primarily to companies in the oil and gas, heavy truck, valve and pipe fittings and mining and construction industries.
David Grende, President and CEO of Siena Lending Group, said, “It is nice to see a plan come to fruition such as the DIP financing we did for Pacific as well as the 363 asset sale with Speyside. We are excited to work with Speyside and their knowledge in the foundry space.”
Jeffrey Stone, Partner in Speyside Equity, said, “Pacific Steel has an 80 year history of making large, high quality castings with capabilities that are unique to the industry. We see this as an opportunity to leverage our previous experience in the foundry industry to improve the efficiency and competitiveness of the operations.”
Siena Lending Group is an independent commercial finance company offering asset based loans between $1 million and $20 million to small and middle market businesses across the United States. Siena also offers a turn-key servicing platform, which provides an attractive asset based product for community and regional banks that desire improved operating metrics and asset diversification.
Speyside Equity invests in middle-market businesses with a history of profitability and strong market positions. It has a focus on the industrials, chemicals and food sectors with an affinity for cross-border deals, and spin-offs of large multinationals. Target investments are typically headquartered in developed markets in the United States and Europe, and valued at US$ 20 million to $200 million.