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White Oak Provides $75 Million Term Loan Financing to North Atlantic Imports
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Positive)
Tags
Rhea-AI Summary
White Oak Global Advisors has provided a $75 million term loan to North Atlantic Imports, also known as Blackstone Products, a Utah-based distributor of outdoor cooking equipment. This loan is part of a split-lien arrangement with a Wells Fargo ABL Revolver. Albert Brandano from White Oak highlighted support for Blackstone's growth, particularly with a pending business combination with Ackrell SPAC Partners I Co., expected to transition to Nasdaq trading under the ticker 'BLKS.' Blackstone aims to leverage this capital for its future business endeavors.
Positive
Successful provision of $75 million loan to Blackstone Products.
Facilitates Blackstone's pending business combination with Ackrell SPAC Partners I Co.
Positioning for future growth and market leadership in outdoor cooking.
Negative
None.
NEW YORK--(BUSINESS WIRE)--
White Oak Global Advisors, LLC, (“White Oak”) announced today it has provided a $75 million term loan to North Atlantic Imports, which also operates under the name Blackstone Products (“Blackstone” or the "Company"), a Utah-based distributor of branded griddles and accessories. The loan was offered on a split-lien basis alongside a Wells Fargo ABL Revolver.
“Blackstone is an innovator in its industry and we are excited to support their continued growth,” said Albert Brandano, Director of Originations at White Oak Global Advisors. “We worked hand-in-hand with the Company to tailor a solution to help facilitate a pending business combination while best positioning Blackstone for the future.”
The Company announced in December 2021 that it had entered into a definitive business combination agreement with special purpose acquisition company, Ackrell SPAC Partners I Co. (“Ackrell”, Nasdaq: ACKIU). Subject to the satisfaction of certain closing conditions, Blackstone will become a public company and is expected to be traded on the Nasdaq under the new ticker symbol “BLKS.”
Roger Dahle, Founder & CEO of Blackstone Products said, “At this critical stage of our growth, Blackstone required a differentiated credit solution. White Oak has been incredibly supportive in this capacity, leveraging their deep market expertise without sacrificing execution and I appreciate their partnership.”
“We are pleased to have worked with White Oak to create a financial solution that supports Blackstone’s new business venture,” said Jeff Kaye, Director with Wells Fargo Commercial Capital Originations. “Blackstone has done a great job positioning themselves as a market leader and we look forward to being part of their continued success and helping them achieve their long-term strategy.”
White Oak is dedicated to helping middle-market companies at every stage optimize their capital structures based on available assets and cash flow with its comprehensive suite of products, hands-on consultative lending approach, and ability to fulfill capital needs ranging from $5 million to $200 million.
About White Oak Global Advisors White Oak Global Advisors, LLC (“WOGA”) is a leading alternative debt manager specializing in originating and providing financing solutions to facilitate the growth, refinancing and recapitalization of small and medium enterprises. Together with its financing affiliates, WOGA provides over twenty lending products to the market, including term, asset-based, and equipment loans, to all sectors of the economy. Since its inception in 2007, WOGA and its affiliates have deployed over $10 billion across its product lines, utilizing a disciplined investment process that focuses on delivering risk-adjusted investment returns to investors while establishing long term partnerships with our borrowers. More information can be found at www.whiteoaksf.com.
About Wells Fargo Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is the leading middle market banking provider in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.
About Blackstone Products
Blackstone Products, headquartered in Logan, UT, is fundamentally redefining how people cook outdoors. The company specializes in outdoor griddles which allow users to cook a wider variety of foods faster and more often. Blackstone’s robust product line features innovative and easy-to-use griddles, accessories and consumables that enhance outdoor cooking and make it more enjoyable and accessible to all for every meal. Blackstone believes in helping people create an experience with food that brings family and friends together.
