TCF Capital Funding – the Chicago-based cash flow and asset-based lending division of TCF National Bank – has provided two additional facility increases to its existing secured financing to support United American Security in its acquisition of Pond Securities, Vector Securities and United National Security. United American Security is a portfolio company of LaSalle Capital and Expedition Capital Partners which acquired the company in 2010.
United American Security (UAS) provides security guard services to customers in the manufacturing, industrial, distribution, corporate, retail, hospitality, and gated community segments. Security services provided include facility patrols, reception services, emergency and alarm response services, loss prevention services and vehicle inspections. The company is headquartered in Raleigh, NC (www. unitedamericansecurity.com).
“TCF Capital Funding originally supported LaSalle’s portfolio company, United American Security, as a growth platform in the security guard industry. Part of the original investment thesis included growth through strategic acquisitions, so we’ve been thrilled to be able to support LaSalle and the company through several accretive transactions,” said TCF Capital Funding Senior Vice President Jim Kuncl.
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).
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.
LaSalle Capital Group is currently investing its second fund which makes control investments in companies with revenues of $10 million to $100 million that have EBITDAs of at least $2 million. Typical enterprise valuations will be from $5 million to $50 million. Sectors of interest include food & beverage, outsourced business services and value-added distribution/manufacturing. LaSalle Capital Group is based in Chicago (www.lasallecapitalgroup.com).
“TCF Capital Funding has continued to support us beyond its original commitment to the UAS platform. We look forward to partnering with their team as we continue to grow the company,” said Nick Christopher of LaSalle Capital.
Expedition Capital Partners, LaSalle’s partner in UAS, invests in lower middle market companies that have at least $2 million of EBITDA. Sectors of interest include: business services; consumer products and services; distribution and logistics; education and training; healthcare; infrastructure; manufacturing; and waste & recycling (www.expedition-partners.com).
© 2015 PEPD • Private Equity’s Leading News Magazine •3-2-15
