NEWS RELEASE
FOR IMMEDIATE RELEASE
September 27, 2018
Byline Sponsor Finance Group supports Salt Creek Capital in its acquisition of Drake Truck Bodies
Byline Bank’s Sponsor Finance Group (“BSFG”), the cash flow lending division of Chicago-based Byline Bank, announced that it has provided revolver and term credit facilities to finance Salt Creek Capital’s (“Salt Creek”) investment in Drake Truck Bodies, LLC (“Drake” or the Company”). Subordinated debt and equity was provided by Spell Capital Mezzanine Partners (“Spell”). BSFG was represented by Duane Morris LLP.
Headquartered in Phoenix, AZ, Drake manufactures and distributes, through a multi-state dealer network, commercial service bodies for work-ready trucks and other utility vehicles as well as retails a full line of commercial truck accessories. “Drake has been serving the Southwest region for over 25 years and built a great reputation for exceptional quality and dedication to customer service. The Company has a strong customer base of utility, municipal, specialty contractor and other users of customizable commercial truck bodies. We are excited to support another Salt Creek Capital acquisition and value the strong operating executives they bring to these businesses”, said Dan Delgadillo, Senior Vice President of Byline Sponsor Finance Group.
About Byline Sponsor Finance Group
Byline Sponsor Finance Group, headquartered in Chicago, IL, with an additional office in Atlanta, GA, 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 $4.8 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 Salt Creek Capital
Salt Creek Capital is a San Francisco Bay Area based private equity firm partnering with talented operating executives to acquire profitable lower middle market businesses across the U.S. As operationally-focused investors, Salt Creek seeks to leverage its experience as entrepreneurs, CEOs and board members to support management teams in disciplined and focused execution and to identify growth and value creating opportunities. For more information, visit www.saltcreekcap.com.
About Spell Capital Mezzanine Partners
Spell Capital Mezzanine Partners is a Minneapolis, MN based mezzanine fund that provides mezzanine financing to lower middle-market companies throughout the United States, targeting businesses with EBITDA of $2.0 million and above. The fund invests in a variety of industries in companies with high-quality management, adequate revenue diversification, stable and growing end-market demand, defensible market positions and sustainable free cash flow. For more information, visit www.spellcapital.com.
For more information please contact:
Dan Delgadillo, SVP
Sponsor Finance Group, Byline Bank
[email protected]
(404) 551-5193
Jim Kuncl, SVP
Group Head, Sponsor Finance Group, Byline Bank
[email protected]
(312) 660-5751
