The asset based lending group of TD Bank has provided $39 million in financing to support the acquisition of Albert Tire Company by Bennett Capital Partners. The credit facilities consist of a $35 million revolver and a $4 million term loan.
“This financing clearly demonstrates TD Bank’s appetite to support the middle market private equity community. We are excited about these two groups’ vision for this business and look forward to a long and prosperous relationship as their financial partner,” said Joe Nemia, Head of Asset Based Lending at TD Bank.
Albert Tire is a distributor of Goodyear branded tires throughout the Mid-Atlantic region of the United States. The company was founded in 1919 and operates out of three distribution facilities located in West Deptford, NJ (headquarters), York, PA, and Beltsville, MD (www.alberttire.com).
“The TD team has been a pleasure to work with,” said Adam Bennett, Managing Partner of Bennett Capital Partners. “Their industry knowledge and business acumen added real value to the deal process. We look forward to growing this business with TD Bank as our financial partner.”
Bennett Capital Partners invests in companies that have EBITDA between $5 million and $20 million and EBITDA margins of at least 10% that are predominately located in the Midwest, Mid-Atlantic, and Southeast regions of the US. The firm is based in Arlington, VA (www.bennettcapitalpartners.com).
TD Bank is one of the 10 largest banks in the U.S., providing nearly 8 million customers with a full range of retail, small business and commercial banking products and services at more than 1,299 locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. TD Bank is headquartered in Cherry Hill, NJ, and Portland, ME (www.tdbank.com). TD Bank is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank, a top 10 financial services company in North America (www.td.com).
© 2012 PEPD • Private Equity’s Leading News Magazine • 9-18-12