Business

Addison Mckee Inc., based in Lebanon, Ohio, is the recognized market leader in the design and manufacturing of tube bending and end forming machinery and related capital and consumable tooling. In addition, the Company has a robust parts and field service and machine refurbishment business that provides a steady and consistent recurring revenue stream.

Client Objective

Addison Mckee’s incumbent lender, as part of a larger strategic effort to reduce exposure to lower middle market credits, declined to renew the Company’s senior facility. Liquidity was diminished through expanded borrowing base reserves. The Company needed to manage and fund its operation with constrained liquidity and find more supportive replacement senior financing.

Results

White Oak Group was engaged as financial advisor to assist the Company in its discussions with the incumbent lender and operate its business with quickly deteriorating liquidity. White Oak Group also advised the Company in reviewing its senior debt needs with a range of senior capital providers. The resulting senior facility provides the necessary capital to fund the Company’s growth.

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