MidCap Business Credit LLC Completes $13 Million Asset-Based Credit Facility to Support the Acquisition of Anchor Manufacturing Group,Inc.

MidCap Business Credit LLC  announced today that it has completed a $13,000,000 asset-based credit facility which supported the acquisition of Anchor Manufacturing Group Inc, Cleveland, OH. The business was established in 1970 and manufacturers metal stampings, complex welded assemblies, fabricated parts and tooling from a 350,000 square feet of manufacturing space.  The company serves the automotive and heavy vehicles, agricultural equipment, construction, solar, defense, appliance and general industrial markets, and is IATF 16949, ISO 9001, and ISO 14001 certified.

Clifford W. Croley, Partner, Croley, Martell & Associates, Ltd. and Chief Executive Officer, Anchor stated “in thirty-seven years of restructuring and acquisition work, I’ve learned that what separates lenders isn’t the term sheet, it’s what happens after its signed. Anchor was an acquisition on a firm closing date and real collateral complexity, and MidCap did exactly what they said they would do.  MidCap understood the assets early, asked the right questions in due diligence and closed on terms consistent with what they proposed from the outset. The new loan facility provides   Anchor the  support needed to enhance   its growth plan. It was a professional, well-executed process from start to finish.”  

The opportunity was sourced out of MidCap’s regional office in Baltimore, MD. Bruce Pavesich, Senior Vice President of MidCap Business Credit, LLC, said, "We were able to   provide a flexible  Asset Based Line of Credit. Our new loan will be utilized to support the company’s growth plan  and provide additional liquidity . We look forward to working with Cliff and Brandon Croley  and helping them execute on their strategic plan and grow the business.”

MidCap Business Credit is a privately held commercial finance company providing $5 to $30 million  senior secured asset-based loans to lower Middle Market companies nationwide . In conjunction with working capital revolvers, Midcap is able to offer machinery and equipment and real estate term loans as well. Founded in 2004, Midcap’s senior management includes seasoned commercial finance professionals who are personally engaged in each transaction to ensure timely delivery of the most effective customized financing.