Fifth Third Business Capital Provides $19.5 Million Senior Credit Facility to Metaltec Steel Abrasive Company to Support Buyout

Fifth Third Business Capital announced it provided a $19.5 million senior credit facility to Metaltec Steel Abrasive Company, Canton, MI to support buyout.

About Metaltec Steel Abrasive Company

Founded in 1981, Metaltec Steel Abrasive ('Metaltec') is a top-three manufacturer of mission-critical, consumable metal abrasive materials in North America. Metaltec is the only company in North America with the capability of manufacturing both high and low-carbon steel abrasive products, providing a differentiated market position. The Company's products are primarily utilized in blast cleaning, surface profiling, shot peening, and other surface preparation and finishing applications. Metaltec is a portfolio company of Lorentzen Investments, Ashland Capital, and Imperial Group.

About Fifth Third Business Capital

Fifth Third Business Capital provides creative asset-based financing to middle market companies throughout the United States and Canada from $5 million and up. The team serves manufacturers, distributors, service companies, and retail chains with sales from $25 million and up, primarily with needs related to acquisitions, dividend recapitalizations, growth, debt restructurings, capital expenditures, and turnarounds. Fifth Third Business Capital provides flexible structures that include revolving lines of credit and term loans, all supported by accounts receivable, inventory, equipment, real estate, and intangibles. As part of the overall financing, Fifth Third Business Capital also selectively considers cash flow term loans supported by sufficient operating earnings to repay these loans in a timely manner.

Fifth Third Business Capital is a division of Fifth Third Bank, National Association. Credit products are subject to credit review and approval and mutually acceptable documentation. In the United States deposit and credit products offered by Fifth Third Bank, National Association. Member FDIC.   Equal Housing Lender.

About Fifth Third

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of March 31, 2022, the Company had $211 billion in assets and operates 1,079 full-service Banking Centers, and 2,201 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 54,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of March 31, 2022, had $549 billion in assets under care, of which it managed $61 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.”