PITTSBURGH, July 29, 2019 – PNC Bank, National Association, announced today the closing of a $30 million senior secured credit facility for Sugar Land, TX-based Sigma Piping Products 2019, LLC (SPP).
SIGMA Corporation (SIGMA), a PNC client of more than 15 years, sought financing to support SPP, a newly formed entity owned by Sigma and Unique Industrial Group, LLC (Unique). SIGMA, established in 1985 and headquartered in Cream Ridge, NJ, is a global company offering a wide range of water and wastewater infrastructure products, fire protection and OEM products. Unique, founded in 1997 and based in Sugar Land, TX, imports, distributes and supplies engineered products for the fire protection, plumbing, mechanical and electrical fastening, oil and gas, HVAC, instrumentation and industrial distribution and OEM industries.
“Over the course of the last 15 years, PNC has supported SIGMA’s growth and expansion in the water and wastewater industries,” said Sara Traberman, senior vice president and business development officer, PNC Business Credit. “With SPP, SIGMA continues its expansion and steady growth and we are pleased to provide yet another customized financing solution to help them meet their strategic goals.”
SIGMA will use the funds to partially finance SPP’s acquisition of four of Unique’s industrial products divisions, partially fund capital expenditures, and provide for ongoing working capital needs. PNC Bank, N.A., served as administrative agent.
“PNC’s senior secured financing solution gives us the capital we need to sustain this new business,” said Jay Malani, chief executive officer of SPP. “We now have the means to expand customer relationships and inventory levels to meet increasing consumer demands.”
To learn more about financial services offered, visit PNC Business Credit.
About SIGMA Corporation
SIGMA Corporation is a global company offering a wide range of water and wastewater infrastructure products, fire protection and OEM products. SIGMA is distinguished by its innovative quality and supply chain processes. The company continues to develop new products and services, meeting the changing needs of its valued customers every day. Established in 1985 by engineers with new ideas for servicing the water and wastewater industries, SIGMA has a major presence in the U.S and Canada, with loyal customers around the world.
About Unique Industrial Group LLC
Unique Industrial Group, LLC imports, distributes and supplies engineered products for the fire protection, oil and gas, HVAC, mechanical, plumbing, electrical, instrumentation and industrial industries. The company maintains global sourcing relationships with over 212 suppliers in South Korea, China, India, Taiwan, Indonesia, Vietnam, Mexico and Japan. Sales are primarily to domestic distributors, with a concentration in Texas, Oklahoma, Louisiana, Wyoming, Colorado and Pennsylvania. All products are generic, industry standard products meeting ASTM (American Standard for Testing and Measurements) and API (American Petroleum Institute) requirements.
About PNC Bank
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
