CIBC US ABL Team Supports NW Automotive Group with New Senior Credit Facility

CIBC US Asset Based Lending recently provided NW Automotive Group, LLC, a portfolio company of New Water Capital, dba LUXIT, with a new Senior Credit Facility to support working capital and growth needs, as well as provide a full suite of banking products and services.

LUXIT is a company of world-leading technology experts in vehicle small lamp design and manufacturing, serving OEMs and Tier 1 customers separately under two divisions:

·       MYOTEK: the Tier 1 division based in Farmington Hills, MI, is highly regarded as a leading designer, manufacturer, and supplier of innovative vehicle lighting.

·       SEA LINK: the Tier 2 division based in Largo, FL, is a leading supplier of vehicle lighting and infotainment components as well as light weight engineering and manufacturing solutions.

At CIBC, our U.S. Asset-based Lending team specializes in crafting financing solutions specifically for middle-market business owners and executives, and our private equity partners. We provide creative and flexible senior credit facilities that include revolving lines of credit and term loans from $10,000,000 to $75,000,000 primarily related to acquisitions, recapitalizations, refinances, and turnarounds, while also delivering a powerful array of banking products and services through CIBC Bank USA.