PITTSBURGH, Nov. 10, 2010 – PNC announced today two senior secured credit packages totaling $53 million for BFG Supply Company and Adams Produce Company LLC.
PNC provided a $42.5 million senior secured financing package for the acquisition of BFG Supply Company by Tricor Pacific Capital, Inc., a leading private investment firm. Headquartered in Burton, Ohio, BFG is a leading distributor of greenhouse and nursery supplies to the Midwest growing region, with 14 locations serving 17 states. The financing, which consisted of a $35 million revolving credit facility and a $7.5 million term loan, was also sought to provide in part for ongoing working capital and future capital expenditure needs. This transaction builds on an existing relationship between PNC and Tricor Pacific Capital. PNC will also provide BFG with treasury management products and services, including: collection and disbursement accounts, image lockbox services, PNC’s web-based cash management tool, wire transfers, Automated Clearing House (ACH) origination and an account reconcilement plan with enhanced fraud protection.
PNC provided $10.5 million in senior secured acquisition financing as part of the recapitalization of Birmingham, Ala.-based Adams Produce Company LLC. Adams, a portfolio company of Dallas-based middle market private equity firm CIC Partners LP, distributes specialty produce and related food products, including a wide range of fresh fruits, vegetables, dairy products and organic produce, to the food service industry. The financing, which consisted of a $7.5 million revolving line of credit and a $3 million term loan, was also sought to refinance existing debt and to provide in part for capital expenditures and ongoing working capital needs. This deal also incorporates treasury management products and services, including: collection and disbursement accounts, remote deposit, PNC’s web-based cash management tool, wire transfers, Automated Clearing House (ACH) origination, merchant services and an account reconcilement plan with enhanced fraud protection.
Loans and treasury management products and services are provided by PNC Bank, N.A., a member of The PNC Financial Services Group, Inc. (NYSE:PNC)
The PNC Financial Services Group, Inc. (www.pnc.com) is one of the nation’s largest diversified financial services organizations providing retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. Follow @PNCNews on Twitter for breaking news, updates and announcements from PNC.
CONTACT:
Meghan Cole
(412) 762-5654
