Amalgamated Capital, a recently formed division of Amalgamated Bank, has served as co-lead arranger for a USD25m senior secured credit facility in support of the acquisition of Wheaton Industries by PNC Equity Partners II.
Amalgamated Capital provides cash flow-based senior debt financing to support investments made by private equity sponsors in high quality, lower middle market companies.
Based in Millville, New Jersey, Wheaton is a provider of containers, laboratory ware and instrumentation to the laboratory, life sciences, diagnostics, and reagent/chemicals packaging markets.
PNC Equity Partners is a private equity firm managed by an affiliate of The PNC Financial Services Group.
"This transaction dovetails perfectly with our business development strategy," says Timothy Clifford (pictured), executive vice president and head of Amalgamated Capital. "Our goal is to work with top tier private equity sponsors like PNC Equity Partners, and our target market is high quality companies of the calibre of Wheaton that fall into the smaller middle market sector, are successful in well defined markets, and have seasoned leadership."
"AmalCap came to us highly recommended," adds Michael Rost of PNC Equity Partners, "and they worked smoothly with the PNC Equity team members and Wheaton management. They were quick to learn Wheaton’s business, and they proved to be flexible throughout the process."
