Huntington Business Credit Closes Credit Facilities with Onodi Tool & Engineering Company

Huntington Business Credit announced it closed new $6,500,000 credit facilities with Onodi Tool & Engineering Company on July 31, 2020.  Proceeds of the facilities were used to partially finance the acquisition of the company by Covington Capital and provide ongoing working capital growth financing.  Covington Capital is a Troy, Michigan based private equity firm.            

Huntington Business Credit provides working capital and term loan facilities to middle market companies for acquisitions, LBO’s, MBO’s recapitalizations, rapid growth, seasonal working capital build-up, and turnaround situations.

Onodi Tool & Engineering Company, located in Melvindale, Michigan, provides low to medium lots of simple to complex mechanical and hydraulic assemblies for armored military vehicle manufacturing.