TCF Capital Funding has provided $18.5 million of secured financing to support the refinancing of Rostra Precision Controls, and to finance the add-on acquisition of Vehicle Safety Manufacturing. Rostra is a portfolio company of Detroit-based Superior Capital Partners.
Rostra Precision Controls provides electronic transmission and engine management components to the automotive aftermarket and original equipment manufacturers. The company also manufactures and distributes electronic vehicle accessories including obstacle sensing systems, cruise controls and comfort systems. Rostra is headquartered in Laurinburg, NC (www.rostra.com).
“The acquisition of Vehicle Safety Manufacturing expands the product lineup in Rostra’s electronic accessories business and provides a meaningful presence in the heavy duty truck OEM and aftermarket channels” said Dan Delgadillo, a Vice President at TCF Capital Funding. “The TCF Capital Funding team is excited to support Superior Capital Partners and company management in this accretive acquisition”.
TCF Capital Funding provides asset-based loans and private equity sponsor-backed cash flow 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 the cash flow and asset-based lending division of TCF National Bank, a wholly-owned subsidiary of TCF Financial Corporation (NYSE: TCB), a Wayzata, MN-based national bank holding company (www.tcfbank.com).
Superior Capital Partners invests in niche manufacturers, value-added distributors and specialty service companies with annual revenues between $10 million and $150 million. Superior will invest up to $15 million of equity per transaction to facilitate management buyouts, corporate spin-offs, recapitalizations, family successions, acquisitions out of bankruptcy and debt purchases. The firm is based in Detroit (www.superiorfund.com).
2014 PEPD • Private Equity’s Leading News Magazine • 11-10-14