TSL Express Daily News
The Secured Lender
SFNet's The 81st Annual Convention Issue
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December 19, 2022
Source: MidCap Financial
BETHESDA, MD, December 16, 2022 – MidCap Financial (“MidCap”), a leading commercial finance company focused on middle market transactions, announced this week it has provided a $10 million revolving line of credit and $5 million senior secured term loan to Mervin Manufacturing, Inc. (“Mervin”). Proceeds from MidCap Financial were used to refinance the Company’s prior credit facilities and will provide for the business’ ongoing working capital needs.
About Mervin Manufacturing
Mervin Manufacturing home of Lib Tech, GNU, Roxy and Bent Metal is a leading designer and manufacturer of snowboarding, surfing, skiing, and skateboarding products built at their environmentally conscious factory by people who ride them. Mervin Manufacturing was founded by snowboarders Mike Olson and Pete Saari in 1977. In an industry where virtually every other snowboard, ski, skateboard, and surfboard company has moved production to China or offshore, Mervin is the longest running and largest major board building factory in the USA. Based out of Carlsborg, Washington, between the rugged Olympic and Cascade Mountain Ranges, Mervin is a direct link between riding and manufacturing. For more information about Mervin, go to https://www.mervin.com/about/.
About Altamont Capital Partners
Altamont Capital Partners (“Altamont”) is a private investment firm based in the San Francisco Bay Area with more than $4.5 billion of assets under management. Altamont is focused on investing in middle market businesses where it can partner with leading management teams to help its portfolio companies reach their full potential. The firm's principals have significant experience building business success stories across a range of industries, including business services, healthcare, consumer/retail, industrials, and financial services. For more information about Altamont, go to https://www.altamontcapital.com/.
About MidCap Financial
MidCap Financial is a middle-market focused, specialty finance firm that provides senior debt solutions to companies across all industries. As of September 30, 2022, MidCap Financial provides administrative or other services for over $43.6 billion of commitments*. MidCap Financial is managed by Apollo Capital Management, L.P., a subsidiary of Apollo Global Management, Inc, pursuant to an investment management agreement. Apollo had assets under management of approximately $523 billion as of September 30, 2022, in credit, private equity and real assets funds.
For more information about MidCap Financial, please visit http://www.midcapfinancial.com.
For more information about Apollo, please visit http://www.apollo.com.
*Including commitments managed by MidCap Financial Services Capital Management LLC, a registered investment adviser, as reported under Item 5.F on Part 1 of its Form ADV
Contact:
MidCap Financial Services, LLC
Garrett Fletcher, Product Head – ABL
301-841-6439
gfletcher@midcapfinancial.com
