FOR IMMEDIATE RELEASE
March 26, 2018
Byline Sponsor Finance Group supports Onward Capital in its acquisition of Connecticut Electric, Inc.
Byline Bank’s Sponsor Finance Group (“BSFG”), the cash flow lending division of Chicago-based Byline Bank, announced that it provided revolver and term credit facilities to finance Onward Capital’s (“Onward”) investment in Connecticut Electric, Inc. (“CE” or the “Company”). Subordinated debt and equity was provided by Midwest Mezzanine Funds (“MMF”) and Tecum Capital. BSFG was represented by Duane Morris LLP.
Headquartered in Anderson, IN, Connecticut Electric is the sole provider of new replacement circuit breakers for five legacy electrical panels no longer in production. “The Company has a unique position in the market being the sole source provider for their product set. We are excited to partner with Onward and Company management as they maintain their core business and utilize their market position to grow their product offerings” said Dan Delgadillo, SVP of Byline Bank’s Sponsor Finance Group.
About Byline Sponsor Finance Group
Byline Sponsor Finance Group, headquartered in Chicago, IL, provides senior secured cash flow loans to private equity backed lower middle market companies throughout the United States. BSFG focuses on companies that generate EBITDA between $2 million and $10 million with products that support the acquisition, recapitalization and growth investment efforts of private equity firms operating in the lower middle market. For more information visit: www.bylinebank.com/sponsor-finance.
About Byline Bank
Headquartered in Chicago, Byline Bank, a subsidiary of Byline Bancorp, Inc. (NYSE:BY), is a full service commercial bank serving small- and medium-sized businesses, financial sponsors, and consumers. Byline Bank has approximately $3.4 billion in assets and operates more than 50 full service branch locations throughout the Chicago and Milwaukee metropolitan areas. Byline Bank offers a broad range of commercial and retail banking products and services including small ticket equipment leasing solutions and is one of the top 10 Small Business Administration lenders in the United States.
About Onward Capital
Onward Capital is a Chicago-based private equity firm focused on investing in and growing lower middle-market industrial businesses. Onward partners with management teams to build value through operational improvements, professional management practices and access to external relationships and growth capital. Onward invests in partnership with family offices, mezzanine funds, equity funds, industry executives and high net worth individuals. For more information on Onward Capital, please visit www.onwardcapllc.com.
About Midwest Mezzanine Funds
Since its founding in 1992, Midwest Mezzanine Funds has partnered with private equity firms, independent sponsors, family offices and management teams to provide over $750 million of junior capital to more than 100 privately-owned, lower middle-market companies throughout the United States. MMF continues to provide customized and flexible financing solutions as it currently invests from its $270 million fifth family of funds which includes MMF V and MMF V SBIC. For more information, visit www.mmfcapital.com.
About Tecum Capital
Tecum Capital is an independent investment firm based in Pittsburgh, PA with over $450 million in assets under management. Tecum is a multi-strategy investor with three funds, Tecum Capital Partners I, Tecum Capital Partners II and Tecum Equity, all of which focus on investing private capital in lower middle market companies that are based in the U.S. For more information, visit www.tecum.com.
For more information please contact:
Dan Delgadillo, SVP
Sponsor Finance Group, Byline Bank
Jim Kuncl, SVP
Group Head, Sponsor Finance Group, Byline Bank