Monroe Credit Advisors has placed $33 million of senior secured credit facilities for Smith Mountain Industries, a portfolio company of Strength Capital Partners. The new facilities are comprised of a $15 million asset-based revolver provided by a bank and an $18 million term loan provided by a commercial finance company.
Smith Mountain Industries (dba Virginia Candle Company) is a developer, manufacturer and marketer of both private label and company-owned brand candles and flameless fragrance delivery products such as reed wax melts and car scents. Company-owned brand names include WoodWick, Olive Oil Organics and Virginia Candle. Smith Mountain is based in Lynchburg, VA (www.virginiacandle.com).
“Strength Capital has a great portfolio company with a terrific management team, which is always integral in attracting competitive financing. We are pleased that we were able to deliver a solution that meets the company’s immediate financing needs with good lending partners that can also help the company execute on its future growth plans,” said Christopher Gentry, Managing Director and Partner of Monroe Credit Advisors.
“Monroe ran a market-wide process that resulted in a positive outcome for our company. Their process was efficient and provided us with the resources necessary to successfully refinance our senior debt,” said Mike Bergeron, Managing Partner of Strength Capital.
Strength Capital Partners invests in companies that have from $5 million to $20 million of EBITDA and are based in the Midwest and Central United States. Sectors of interest include manufacturing, distribution, industrial, business and financial services, infrastructure, and consumer products. The firm is based near Detroit in Birmingham, MI (www.strengthcapital.com).
Monroe Credit Advisors, an affiliate of Monroe Capital, helps middle market companies raise and structure debt capital and also provides advisory services for companies seeking guidance with their existing lending relationships or navigating through challenging credit issues. Customers include privately owned, sponsor-backed and publicly traded middle market firms. Monroe Credit Advisors has offices in Chicago and New York (www.monroecredit.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 12-12-13