TSL Express Daily News

Fifth Third Business Capital announced it provided $9.8 million senior credit facility to Promise to Perform Industries, Inc. to support management buyout in October 2021.

The deal team consisted of:

Ron Kerdasha

Managing Director,

Business Development

Cindy Jamroziak

Director,

Underwriting

About Promise to Perform Industries, Inc.

Promise to Perform Industries, Inc. was formed by a team of senior management to acquire the assets of various operating businesses of Transol Corporation and Subsidiaries. Promise to Perform operates under three well-established brand names in the industrial materials handling industry- Spanco, Spanco Cranes, and Lug-All. These brands date back to the 1960s and include a wide selection of gantry cranes, workstation bridge cranes, monorails, tripods, and jib cranes with products available in steel and aluminum. The company also manufactures fall protection and safety systems used in various construction applications. The company operates from two locations in Central Pennsylvania and a third in Las Vegas, Nevada.

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 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 Sept. 30, 2021, the Company had $208 billion in assets and operates 1,100 full-service Banking Centers, and 2,336 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 52,000 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 Sept. 30, 2021, had $541 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 53.com. Fifth Third’s common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.”