White Oak, Tiger Finance Provide $90MM Asset-Based Loan to Support TerraMar Capital’s Acquisition of U.S. Metals Distributor
White Oak Commercial Finance, an affiliate of White Oak Global Advisors, LLC, provided a $80 million revolver to a Midwest-based distributor and value-added service provider of specialty metal products with operations throughout the United States. Additionally, Tiger Finance, LLC, a subsidiary of Tiger Capital Group, LLC, provided a $10 million term loan to the Company. The proceeds were used to support the Company’s working capital growth, and to finance its acquisition by TerraMar Capital LLC, a Los Angeles-based investment platform providing debt and equity capital to middle-market businesses. The financing provided availability against the Company’s accounts receivable, inventory and equipment.
“White Oak’s corporate finance creativity and deep collateral insight were critical to this deal in maximizing the Company’s borrowing capacity,” said Mark Smith, Managing Director at White Oak. “When combined with a long-standing presence in the metals sector and proven experience structuring unitranche transactions, we were able to execute with speed and certainty to turn a time-sensitive and sizable transaction into an efficient process for the borrower.”
“We are excited to complete this acquisition. The Company is well positioned for continued growth and we are excited to begin working with them to support its next chapter,” said Joshua Phillips, Founder & Managing Partner at TerraMar. “White Oak and Tiger Finance operated as highly supportive and flexible counterparties in financing the transaction, and I would welcome the opportunity to work with them again in the future.”
“Tiger Finance is pleased to participate in the provision of working capital in this transaction,” said Andy Babcock, Managing Director of Tiger Finance. “White Oak and TerraMar have been great partners in the past and we look forward to continued growth for this Company.”