MCG Capital Corporation has closed a $13.0 million subordinated term loan investment in Huron to back the acquisition of the company by Trive Capital from SunTx Capital Partners.
Huron is a supplier of value-added tubular assemblies and precision components used in automotive engine, transmission, fuel and climate control systems. Customers of Huron include some of the world’s largest car manufacturers, as well as key automotive OEM and Tier I suppliers. Huron was founded in 1943 and is based in Lexington, MI (www.huroninc.com).
“MCG is thrilled to partner with both Trive and Huron on this transaction,” said Jordan Walter, Vice President of MCG. “We believe that Trive’s experience in the automotive sector combined with the strength of Huron’s management team and complex tubular product capabilities position the company well to grow as engine designs evolve to meet future efficiency standards.”
Trive Capital invests from $5 million to $40 million in US based middle market companies that have revenues from $30 million to $500 million. Sectors of interest include automotive & transportation; aerospace & defense; building products; construction & infrastructure; consumer goods; energy services; healthcare; manufacturing/industrials; chemicals; distribution; business & professional services; and communications. The firm is based in Dallas (www.trivecapital.com).
“We have a long-term relationship with the MCG Capital team and are always impressed with MCG’s professionalism and responsiveness. We look forward to having MCG as a partner to help fuel Huron’s continued success going forward,” said Blake Bonner, Vice President at Trive.
MCG Capital is a commercial finance company providing capital and advisory services to middle-market companies throughout the United States. The firm typically invests in companies with $20 million to $200 million in revenue and $3 million to $25 million in EBITDA. MCG Capital is based in Arlington, VA (www.mcgcapital.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 3-6-13
