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Amalgamated Capital leads senior financing for ShoreView’s acquisition

Amalgamated Capital, the recently formed sponsor leveraged finance division of Amalgamated Bank, has served as lead arranger and administrative agent for a senior secured credit facility in support of the recapitalisation of Abrasive Products & Equipment by ShoreView Industries.

 

The amount of the facility was undisclosed. AmalCap provides cash flow-based senior debt financing to support investments made by private equity sponsors in lower middle-market companies.

Headquartered in Deer Park, Texas, Abrasive Products & Equipment is a distributor of abrasive products and related equipment used in blast and painting applications in the Gulf Coast Region.

With USD600m under management in private equity funds, Minneapolis-based ShoreView invests in middle-market companies across a wide range of industries.

"This is our first transaction with ShoreView, and it was a pleasure to work with Jeff Mudge, Scott Gage and the entire ShoreView team," says Timothy Clifford (pictured), executive vice president and head of Amalgamated Capital. "Like AmalCap, they target high quality companies in the lower middle-market sector and have an excellent track record."

"We were on a very fast track for this transaction," adds ShoreView partner Scott Gage. "AmalCap approved, closed, and funded the deal within a two-week timeframe. It was a tremendous turnaround on their part, and it left no doubt about their ability to execute on-time and as promised. We look forward to working together on future transactions."

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