AmalCap Leads Financing For Recapitalization Of Baking Industry Manufacturer Mallet & Company
October 19, 2010 | 3 min to read
NEW YORK – Amalgamated Capital (AmalCap), the leveraged finance division of Amalgamated Bank headquartered in New York City, announced today it served as Lead Arranger and Administrative Agent in support of the recapitalization of Mallet & Company, Inc. by ICV Partners. AmalCap provides cash flow-based senior financing to support investments made by private equity sponsors in high quality, lower middle market companies across the United States. The amount of the transaction was not disclosed.
Based in Carnegie, Pennsylvania and serving a global market, Mallet & Company is a specialized manufacturer of oils, ingredients and custom food processing equipment for the baking and food processing industries. ICV Partners is a New York-based private investment firm with more than $440 million in committed capital from well known institutional investors.
“Ira Moreland, Qian Elmore and the entire ICV team were great partners. They chose us to lead this transaction because of our prior experience in the food industry, coupled with our flexibility in tailoring a financing plan that met their needs,” said Timothy Clifford, Executive Vice President and Head of Amalgamated Capital. “This was our first transaction with ICV Partners, a well known and top tier private equity firm, and we look forward to working with them on future transactions.”
“AmalCap, which underwrote the transaction, brought substantial expertise to the process,” said Ira Moreland, Managing Director of ICV Partners. “They worked very efficiently with our team and took a patient, creative and flexible approach in addressing issues that arose, enabling us to close the transaction on our schedule. We recommend AmalCap with confidence to other private equity investors.”
Source: Amalgamated Bank
About Amalgamated Capital
Amalgamated Capital (AmalCap), headquartered in New York, is the leveraged finance division of Amalgamated Bank, a privately-owned commercial bank with nearly $5 billion in assets. AmalCap, launched in September 2009, is focused exclusively on partnering with private equity sponsors and providing cash flow-based senior financing for investments in the lower middle-market nationwide. Its borrowers operate in a diverse array of industry sectors and generally have annual revenue ranging from $15 million to $150 million and EBITDA of $3 million to $15 million. Visit AmalCap online at www.amalcap.com.
About Amalgamated Bank
Amalgamated Bank, established in 1923 by the Amalgamated Clothing Workers of America, continues the progressive traditions of its founders as the only union-owned bank in the United States. Chartered by New York State, Amalgamated Bank is an FDIC insured commercial bank. The Bank’s corporate divisions – in addition to Amalgamated Capital – include Retail Banking, Institutional Asset Management and Custody, Commercial Banking, and Real Estate Finance. The Bank’s website is www.amalgamatedbank.com.
About ICV Partners
ICV Partners is a New York-based private investment firm with over $440 million in committed capital from well known institutional investors. ICV pursues a value-oriented investment strategy to invest in strong companies with market leading positions in partnership with management. ICV is managed by four senior investment professionals who have extensive experience in sponsoring management teams and building businesses. In addition, ICV has two co-sponsors, the Initiative for a Competitive Inner City (founded by Harvard Business School Professor Michael E. Porter) and American Securities Capital Partners, L.P. (a $6 billion New York-based private equity firm). Additional information is available at www.icvcapital.com.
About Mallet & Company
Based in Carnegie, PA, Mallet & Company is a specialized manufacturer of oils, ingredients and custom food processing equipment products for the baking and food processing industries. Serving a worldwide market, it is recognized as a leading supplier of emulsifiers, icing stabilizers, bread pan oilers, food grade release compounds, cake pan greasers, edible oils and specialty blends, and emulsifiers. For additional information, visit www.malletoil.com.
Source: Amalgamated Bank