TCF Backs Latest Buy of Mangrove Equity
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TCF Backs Latest Buy of Mangrove Equity

tcf nfTCF Capital Funding (TCF), the Chicago-based cash flow and asset-based lending division of TCF National Bank has provided an $8 million facility to support Mangrove Equity Partners’ investment in ReadyLIFT Suspension.

ReadyLIFT is a designer and manufacturer of leveling and suspension kits for off-road enthusiasts in the automotive aftermarket. The company makes products for trucks and SUVs across numerous OEM brands including Ford, GMC, Dodge, Chevy, Toyota and Jeep. ReadyLIFT is headquartered in Henderson, NV (www.readylift.com).

Dan Delgadillo nf1“We are thrilled to partner with Mangrove Equity Partners and the founder and management of ReadyLIFT Suspension.  The company has become a market leader in this niche enthusiast aftermarket space and the company is well positioned for continued growth given Mangrove’s extensive experience in the automotive aftermarket” said TCF Capital Funding Vice President Dan Delgadillo.

Mangrove Equity Partners invests in lower middle-market companies that are active in the following sectors: industrial products manufacturing, consumer products manufacturing, industrial services, and distribution. The firm is based in Tampa (www.mangroveequity.com).

TCF Capital Funding provides cash flow and asset-based lending to lower middle market businesses.  National in scope, this senior leveraged lending group focuses on providing private equity sponsor-backed cash flow loans and asset-based loans to companies with less than $100 million in revenue and between $2 million and $10 million in EBITDA.  The firm is based just outside of Chicago in Burr Ridge, IL (www.tcfcapitalfunding.com).

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TCF Capital Funding is a lending division of TCF National Bank, a wholly-owned subsidiary of TCF Financial Corporation (NYSE: TCB), a Wayzata, MN-based national bank holding company.  As of December 31, 2014, TCF had $19.4 billion in total assets and 379 branches in Illinois, Minnesota, Michigan, Colorado, Wisconsin, Arizona, South Dakota and Indiana, providing retail and commercial banking services.

© 2015 PEPD • Private Equity’s Leading News Magazine • 3-30-15

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