Fifth Third Business Capital Provides $8 Million to Troy Lee Designs

Fifth Third Business Capital, a division of Fifth Third Bank, announced it acted as sole lender and administrative agent on the funding of an $8,000,000 senior credit facility to Troy Lee Designs, LLC.

Based in Corona, California, Troy Lee Designs is a designer and distributor of high-quality helmets, apparel, safety gear and accessories used in the off-road motorcycling and mountain biking industries. It was founded in 1989 by Troy Lee, a motocross and mountain biking enthusiast who has been racing and painting helmets for other motocross and biking enthusiasts since the company’s inception.

Fifth Third’s credit facility will be used to fund the company’s capital expansion and working capital needs going forward.

Troy Lee Designs is a portfolio company of Spanos Barber Jesse & Co. The private investment firm is located in Walnut Creek, California, and manages approximately $300 million of committed capital. It focuses on lower middle-market consumer, business services and healthcare services companies and finances buyouts, recapitalizations, acquisitions and growth investments.

“Troy Lee Designs is an exciting company that sponsors its own motocross and mountain bike racing teams and has developed significant brand equity in addition to its traditional collateral value,” said Michael Sharkey, president of Fifth Third Business Capital. “We hope Troy Lee Designs will be the first of many financings with Spanos Barber Jesse & Co., a respected and well-known private equity sponsor in the San Francisco Bay Area.”

“We valued Fifth Third’s partnership approach to lending and appreciate their support as we look to continue to grow Troy Lee Designs,” said Patrick Muller, vice president at Spanos Barber Jesse & Co.

About Fifth Third Business Capital

Fifth Third Business Capital is a division of Fifth Third Bank that provides creative asset-based financing to large corporate and 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. Credit products are subject to credit approval and mutually acceptable documentation. In the United States, deposit and credit products offered by Fifth Third Bank, 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, an Ohio-chartered bank. As of September 30, 2019, Fifth Third had $171 billion in assets and operated 1,143 full-service banking centers and 2,487 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth Third provides its customers with access to approximately 53,000 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 September 30, 2019, had $397 billion in assets under care, of which it managed $46 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.” Fifth Third Bank was established in 1858. Deposit and Credit products are offered by Fifth Third Bank. Member FDIC.