Byline Sponsor Finance recapitalizes Connecticut Electric, an Onward Capital Portfolio Business
Byline Bank’s Sponsor Finance (“BSF”) announced that it has provided additional financing to recapitalize Connecticut Electric (“the Company”), an Onward Capital portfolio business. BSF 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. “Connecticut Electric has a unique position in the market being the sole source provider for their product segment. We are excited to be able to leverage the success Connecticut Electric has had expanding their customer base and product set, and further our partnership with the Company and Onward Capital” said Dan Delgadillo, Managing Director and Co-Head of Byline Sponsor Finance.
About Byline Sponsor Finance
Byline Sponsor Finance, with offices in Chicago, IL and Charlotte, NC provides senior secured cash flow loans to private equity backed lower middle market companies throughout the United States. BSF 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/commercial/sponsor-finance/.
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.
For more information please contact:
Dan Delgadillo, Managing Director
Co-Head, Byline Sponsor Finance
Jim Kuncl, Managing Director
Co- Head, Byline Sponsor Finance