Company Name: Associated Materials LLC
Company Type: Building Products Manufacturer & Distributor
Financing Amount: $200,000,000
Financing Type: Revolving Line of Credit
Headquartered in Cuyahoga Falls, Ohio, Associated Materials LLC provides, installs and services exterior building products and solutions. The company helps create or restore residential, multifamily and light commercial structures and operates 11 manufacturing facilities and 126 supply centers across the United States and Canada.
Need
Investment funds managed by Strategic Value Partners, LLC (SVPGLOBAL), a global investment firm based in Greenwich, Connecticut, obtained financing to support its acquisition of Associated Materials LLC. The company also needed additional liquidity to accelerate the growth of the seasonal business, which generates most of its cash flow during the second and third quarters.
Solution
PNC Business Credit swiftly secured committed financing, underwrote the entire facility and ensured a rapid close by allowing for the execution of a field exam and other requirements after the transaction was complete. The $200 million asset-based facility was led and agented by PNC Business Credit, who took on an outsized allocation relative to the other lenders in the syndication group. This assumption of a larger portion of the facility relieved some participants of related asset-based lending responsibilities.
The transaction also included treasury management and foreign exchange products and services.
Results
SVPGLOBAL received the financing to complete its acquisition of Associated Materials, including the liquidity needed to operate and grow the seasonal business.
PNC Business Credit thoroughly understood the complexity of our needs as a seasonal business, providing a customized financial solution that enables us to further invest in growing our business and providing best-in-class products and services to our customers. We now have the necessary financing to continue generating value and achieve strong financial results as part of our next chapter of evolution and growth.
