PITTSBURGH, Oct. 4, 2018 – PNC Bank, National Association, announced today the closing of an $80 million senior secured credit facility for Nova Wildcat Shur-Line LLC (Shur-Line), a portfolio company of Nova Capital Management (Nova). The financing will support Nova’s acquisition of World and Main, LLC (W&M) and W&M’s subsequent merger with Shur-Line.
PNC Bank, N.A., served as administrative agent for the transaction. Steel City Capital Funding (Steel City), a division of PNC Bank, provided a portion of the financing, expanding upon the capabilities of PNC Business Credit. Steel City is a specialty finance company, providing cash flow–based senior term loans, junior secured and second lien term loans to private equity sponsors and middle market companies in the manufacturing, retail, wholesale, distribution and service industries.
“We are proud to have supported Nova as they worked to capitalize on the synergy of these two dynamic companies,” said Tim Derry, senior vice president and Upper Midwest regional originations manager, PNC Business Credit. “The breadth of PNC’s products and services allowed us to strengthen our relationship with Nova and support these companies in their continued growth.”
Based in St. Francis, WI, Shur-Line is a leading provider of do-it-yourself home improvement paint accessories and convenience hardware. Products are sold through two proprietary brands, Shur-Line and Bulldog. W&M, headquartered in Cranbury, NJ, is a family of brands that brings together a unique combination of product development, merchandising, global sourcing, and distribution solutions across the home, hardware and building supply categories.
“PNC Business Credit delivered a customized solution that enabled us to combine a great company like W&M with our original investment in the Shur-Line and Bulldog businesses and brands,” said Jan Kreminski, partner, Nova. “As a result, the combined companies will benefit from a complementary brand portfolio, an expanded product offering, broader distribution and customer access, sophisticated sourcing through a large global network of manufacturers, an experienced management team and attractive synergies.”
To learn more about financial services offered, visit PNC Business Credit.
PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.
CONTACT:
Rob Tacey
(302) 429-2743
robert.tacey@pnc.com
