Veritas Financial Partners announces the closing of a $16 million asset based revolver and term loan credit facility for Chicago American Manufacturing, LLC ("CAM"). CAM utilized the proceeds to refinance their existing senior debt and to provide additional working capital for the business.
Evan Nadler, Senior Vice President of Veritas Financial Partners, said, "Closing this transaction validates the recent opening of our Chicago office as we continue to build our presence throughout the Midwest. In this competitive market, it is imperative for us to deliver sophisticated working capital solutions while being resourceful to the efforts of the professionals who rely on our ability to execute."
Based in Chicago, Illinois, CAM is a leading producer of a variety of consumer and commercial fan products, utility carts, and metal office cabinetry in the United States. CAM provides a full suite of services, including design, engineering, manufacturing, and finishing. The company operates out of a 275,000 sf state-of-the-art plant and has close alliances with its two major affiliated entities; Blackhawk Steel Corp. which is a steel marketer, and Dockside Steel Processing, which operates as a steel processor.
Mark Hermann, Chief Executive Officer of CAM, said, "The Veritas team succeeded in crafting a comprehensive financing solution that addressed our objectives and business opportunity, and then executed at the highest caliber to deliver a successful transaction."
About Veritas Financial Partners
Veritas Financial Partners is a specialty finance firm that provides $2 - $20 million senior secured credit solutions to businesses across various industries. Veritas serves entrepreneurs and private equity sponsors by delivering the flexible, responsive capital needed to achieve their goals. As an affiliate of an investment fund with $2 billion in assets under management, Veritas benefits from a substantial long term capital base.