PNC Bank Provides Financing to Industrial Distributor
October 1, 2019
Source: PNC Bank, National Association
PNC Bank, National Association, announced today the closing of a $57.3 million senior secured credit facility to support Dallas, TX-based Crossplane Capital’s acquisition of the Accent Family of Companies (Accent).
PNC Bank, N.A., served as administrative agent. Steel City Capital Funding (Steel City), a division of PNC Bank, provided a portion of the financing, expanding upon the capabilities of PNC Business Credit.
Established in 1986 and headquartered in Tomball, TX, Accent is a full service, value-added industrial distribution company focused on the waste/recycling and building materials industries. Core offerings include baling wire distribution, bale tie manufacturing, wire-tier equipment manufacturing, parts and repair services to wire-tier equipment, as well as distribution of steel fasteners and concrete reinforcing products.
“The Accent Family of Companies includes several well respected and known brand names, such as Accent Wire-Tie, Accent 470, Striker and NATCO,” said Frank Bonet, senior vice president and business development officer, PNC Business Credit. “PNC is pleased to provide this business with a broad range of financial tools and resources designed to facilitate a targeted acquisition plan and core business improvements as part of a larger growth strategy.”
Loan proceeds will be used to partially finance Crossplane Capital’s acquisition of Accent, provide for ongoing working capital needs and partially fund capital expenditures.
“Accent’s strategically located facilities, reputation for high-quality products, and reliable supply allows us to be the preferred distributor to our customers,“ said Bill Sims, president and CEO, Accent. “PNC provided funding tailored to our specific needs, enabling us to expand the global reach of our premium brands.”
To learn more about financial services offered, visit PNC Business Credit.
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