O2 Sponsor Finance Provides over $44 Million in Senior Secured Credit Facilities to Support Soundcore Capital Partners’ Acquisitions of ACI Asphalt & Concrete, LLC & ACS Asphalt Concrete Solutions
Old Second Bancorp announced that its division O2 Sponsor Finance arranged over $44 million in senior secured credit facilities to support Soundcore Capital Partners in their acquisitions of ACI Asphalt & Concrete, LLC and ACS Asphalt Concrete Solutions. This financing positions the combined entity as a market leader in the Minneapolis area for asphalt and concrete services. The acquisitions are part of Soundcore’s growth strategy, with ACI and ACS servicing large commercial clients and homeowner associations. Co-lender financing was provided by Old National Bank, with Northstar Capital offering subordinated debt.
- Strengthened market position in the Minneapolis area by combining ACI and ACS, leading to enhanced service offerings.
- Support for strategic growth through O2 Sponsor Finance's involvement in facilitating the acquisition financing.
- None.
CHICAGO, IL / ACCESSWIRE / March 21, 2023 / O2 Sponsor Finance, a division of Old Second National Bank, today announced that it served as senior secured credit facilities administrative agent and lead arranger for over
Soundcore formed ACI Holdings Group as part of its acquisition of ACI in July 2022. Soundcore then acquired ACS through its ACI Holdings Group platform company in January 2023.
ACI is a provider of asphalt and concrete installation, maintenance and repair services to commercial parking lot and multi-family homeowner associations. ACI is an industry-leading, preferred paving company for some of the world's largest commercial, medical, retailer companies and HOA management groups in the Minneapolis-St. Paul ("MSP") and upper Wisconsin service areas.
ACS is also a provider of asphalt and concrete installation, maintenance, and repair services for commercial and multi-family homeowner association customers in the greater Minneapolis metropolitan area.
"The combination of ACI & ACS creates the true market leader in the Minneapolis/Twin Cities area. The combination is evidence of Soundcore's commitment to their targeted buy-and-build growth strategy in the commercial paving space," said Thom Karle, Senior Vice President, O2 Sponsor Finance.
Co-lender senior financing was also provided by Old National Bank. Northstar Capital provided subordinated debt financing.
About ACI Asphalt and Concrete, LLC: ACI Asphalt & Concrete, LLC was founded in 1993. The company is headquartered northwest of Minneapolis in Maple Grove, Minnesota. With thousands of completed paving projects per year, ACI utilizes state-of-the-art equipment to provide the greater Minneapolis market with a one-stop solution for paving services. For more information, please visit www.aciasphalt.com
About ACS Asphalt Concrete Solutions: ACS was founded in 2012. ACS is headquartered 15 miles north of Minneapolis in Blaine, Minnesota. ACS is a leading asphalt and concrete repair and maintenance services provider to a diversified mix of end markets throughout the Minneapolis-St. Paul and bordering regions. For more information, please visit www.acsasphalt.com
About Soundcore Capital Partners: Soundcore specializes in North America-based buy-and-hold investments in the lower middle market. Target companies typically have revenues up to
About O2 Sponsor Finance: O2 Sponsor Finance is a national provider of cash flow-based loans to lower middle market businesses with typically
About Old Second Bancorp, Inc.: Old Second Bancorp, Inc., headquartered in Aurora, Illinois, is the bank holding company for Old Second National Bank, which celebrated 150 years of operation in 2021. Old Second's common stock trades on The NASDAQ Stock Market under the symbol "OSBC". More information about Old Second is available by visiting the "Investor Relations" section of its website www.oldsecond.com.
Old Second National Bank, Member FDIC, was recently named number one among "Best Bank in Illinois 2021." This was the second straight year the bank was selected by customers for the award. Awards are determined based on a survey of over 25,000 U.S. customers who rate banks on overall satisfaction as well as trust, terms and conditions, branch services, digital services and financial advice.
As of December 31, 2022, Old Second has approximately
SOURCE: Old Second Bancorp Inc.
View source version on accesswire.com:
https://www.accesswire.com/744925/O2-Sponsor-Finance-Provides-over-44-Million-in-Senior-Secured-Credit-Facilities-to-Support-Soundcore-Capital-Partners-Acquisitions-of-ACI-Asphalt-Concrete-LLC-ACS-Asphalt-Concrete-Solutions
FAQ
What was the purpose of Old Second Bancorp's recent press release regarding OSBC?
How much financing did O2 Sponsor Finance provide for the acquisitions by Soundcore Capital Partners?
What companies did Soundcore Capital Partners acquire with the help of O2 Sponsor Finance?
What does the acquisition of ACI and ACS mean for Soundcore Capital Partners?
Who were the co-lenders involved in the financing for the Soundcore acquisitions?
