Legacy Corporate Lending Expands Spray Products Corporation’s Borrowing Capacity with $40 Million Asset-Based Credit Facility

PLANO, TX  – November 7, 2024 – Legacy Corporate Lending, LLC (“Legacy”), a leading independent asset-based lending (ABL) company, today announced that it provided a $40 million asset-based credit facility to Spray Products Corporation (“Spray Products” or the “Company”), a family-owned contract manufacturer of aerosol and liquid consumer products. The transaction, which is backed by accounts receivable, inventory, machinery and equipment, and real estate was finalized in November 2024, underscoring Legacy's ability to deliver tailored financial solutions that support the growth of family-owned businesses.

Spray Products is a leading manufacturer and supplier specializing in custom high-quality aerosol and liquid products for the automotive, household, and industrial sectors. Known for its commitment to innovation and quality, the company offers a comprehensive range of services from product development to formulation and packaging, helping clients bring private-label and branded solutions to market efficiently. With state-of-the-art facilities in Pennsylvania, Ohio, and California and expertise in environmentally responsible practices, Spray Products is dedicated to delivering products that meet the highest standards of performance and regulatory compliance.

“As our turnkey approach to aerosol and liquid consumer goods manufacturing continues to support companies large and small, we have experienced a strong period of growth that has created a need for more working capital,” said Bart Bastian, Chief Executive Officer of Spray Products. “The Legacy team truly understood the intricacies of our specialized business and was able to deliver a complete financing solution with the flexibility to grow with our needs. We look forward to a lasting partnership with them.”

“It was clear that in order to support the Company’s long-term success, we needed to structure a tailored credit facility that significantly expanded the borrowing capacity that they had with their incumbent lender,” said Clark Griffith, Chief Executive Officer of Legacy. “Spray Products has been a market leader for over 60 years and we look forward to supporting them as they continue to execute their growth plans.”   

“The combination of a strong asset-base, an experienced management team, and a proven business model allowed us to be creative in our approach and move quickly and efficiently to provide a successful financing,” added Anthony DiChiara, Managing Director of Originations at Legacy.

Launched in May 2023 in partnership with Bain Capital Credit, L.P., Legacy provides revolving credit facilities and term loans to companies in an array of industries that seek to access capital outside of traditional bank lending or the syndicated lending market.  

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About Legacy Corporate Lending

Legacy Corporate Lending is an independent asset-based lending company providing revolving lines of credit and term loan commitments up to $40 million in transaction size. Legacy provides direct financing to middle market companies, private and public companies, across a wide spectrum of industries including automotive, business services, consumer products, distribution & wholesale, e-commerce & retail, food & beverage, manufacturing, transportation & logistics. Legacy is a portfolio company of Bain Capital Specialty Finance, Inc. and Bain Capital Private Credit, which are externally managed by BCSF Advisors LP, an SEC-registered investment advisor. For more information, visit legacycorporatelending.com

About Spray Products Corporation

Founded in 1958, Spray Products provides specialized aerosol and liquid packaging services for clients ranging from Fortune 500 corporations to small businesses, throughout all phases of production. To learn more, visit https://sprayproducts.com/

Media Contacts:

Scott Lessne / Thomas Conroy

Stanton

slessne@stantonprm.com / tconroy@stantonprm.com

(646) 502-3569 / (646) 502-9006