Siena Lending Group LLC (“Siena”) announced the completion of a three-year $25 million asset-based revolving credit facility for Universal Lubricants, LLC, a portfolio company of Pegasus Capital Advisors. Universal Lubricants will utilize the facility to provide additional liquidity and capital resources to support the company’s growth and working capital requirements.
Founded in 1929, Universal Lubricants is a driving force in used oil collection, base oil refining and distribution. Through its closed loop process, the company collects, re-refines, blends and re-distributes its own engine oils and lubricants ensuring that every quart is of the highest quality for optimal performance. Universal Lubricants operates 34 facilities nationally, including one of the world's most technologically advanced re-refineries in Wichita, Kansas.
David Grende, President and CEO of Siena Lending Group, said, “This transaction exhibits two of our core strengths. Flexibility to meet Universal’s requirements upfront and certainty of execution by delivering upon what we proposed initially”.
Randall Wilson, CFO of Universal, said, "We are delighted to have Siena as our financing partner and they delivered on what was proposed in an expeditious manner.”
Pegasus Capital Advisors, L.P. is a private equity fund manager that has been providing creative capital and strategic solutions to companies across a variety of industries since 1996. Pegasus partners with management teams of growth companies, with a focus on those that benefit from the business implications of global resource scarcity. Sectors where this trend is most pronounced are food, water, energy, health & wellness and security. Pegasus currently manages approximately $2.0 billion in assets.
Siena Lending Group is an independent commercial finance company offering asset-based loans between $1 million and $25 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.
Siena’s independence as a finance company allows innovative and flexible solutions, while allowing its customers to maintain a relationship with their own bank. Siena’s management team is experienced, innovative, dependable, entrepreneurial, and highly regarded within the industry. The team has, on average, over 20 years each of experience and has transacted over $12 billion in facilities.