O2 Sponsor Finance Provides Senior Secured Credit Facilities to Support Mangrove Equity Partners Acquisition of A&R Sealcoating
O2 Sponsor Finance, a division of Old Second National Bank (NASDAQ:OSBC), has provided senior secured credit facilities to support Mangrove Equity Partners' acquisition of A&R Sealcoating. Founded in 1985 and based in Waterford, Michigan, A&R is Michigan's largest pure pavement maintenance provider, offering services including asphalt sealcoating, patching, joint and crack sealing, striping, and concrete repair.
A&R serves both commercial and residential markets with a diverse and highly recurring customer base. The company has established itself as a market leader in pavement maintenance and repair solutions in Michigan. Mangrove Equity Partners, founded in 2006, is a Tampa-based lower-middle market investment firm focusing on industrial and business-to-business services, niche manufacturing, and enthusiast consumer products.
O2 Sponsor Finance, una divisione di Old Second National Bank (NASDAQ:OSBC), ha fornito finanziamenti senior garantiti per sostenere l'acquisizione di A&R Sealcoating da parte di Mangrove Equity Partners. Fondata nel 1985 e con sede a Waterford, Michigan, A&R è il principale fornitore di manutenzione stradale del Michigan, offrendo servizi che includono la sigillatura dell'asfalto, la riparazione di buche, la sigillatura di giunti e crepe, la segnatura e la riparazione del calcestruzzo.
A&R serve sia il mercato commerciale che quello residenziale con una clientela diversificata e altamente ricorrente. L'azienda si è affermata come leader di mercato nelle soluzioni di manutenzione e riparazione stradale nel Michigan. Mangrove Equity Partners, fondata nel 2006, è una società di investimento con sede a Tampa che si concentra su servizi industriali e B2B, produzione di nicchia e prodotti per consumatori appassionati.
O2 Sponsor Finance, una división de Old Second National Bank (NASDAQ:OSBC), ha proporcionado facilidades de crédito garantizadas senior para apoyar la adquisición de A&R Sealcoating por parte de Mangrove Equity Partners. Fundada en 1985 y con sede en Waterford, Michigan, A&R es el mayor proveedor de mantenimiento de pavimentos puro en Michigan, ofreciendo servicios que incluyen sellado de asfalto, parcheo, sellado de juntas y grietas, señalización y reparación de concreto.
A&R atiende tanto a mercados comerciales como residenciales con una base de clientes diversa y altamente recurrente. La empresa se ha consolidado como un líder del mercado en soluciones de mantenimiento y reparación de pavimentos en Michigan. Mangrove Equity Partners, fundada en 2006, es una firma de inversión con sede en Tampa que se centra en servicios industriales y B2B, fabricación de nicho y productos para consumidores entusiastas.
O2 Sponsor Finance는 Old Second National Bank (NASDAQ:OSBC)의 한 부서로, Mangrove Equity Partners의 A&R Sealcoating 인수를 지원하기 위해 선순위 담보 신용시설을 제공했습니다. 1985년에 설립되어 미시간주 워터포드에 본사를 둔 A&R은 미시간에서 가장 큰 순수 포장 유지관리 제공업체로, 아스팔트 실링, 패칭, 조인트 및 균열 실링, 스트라이핑, 콘크리트 수리 등의 서비스를 제공합니다.
A&R은 상업 및 주거 시장 모두에 서비스를 제공하며 다양하고 반복적인 고객 기반을 보유하고 있습니다. 이 회사는 미시간에서 포장 유지관리 및 수리 솔루션의 시장 리더로 자리 잡았습니다. 2006년에 설립된 Mangrove Equity Partners는 산업 및 B2B 서비스, 틈새 제조업체 및 열정적인 소비자 제품에 중점을 둔 탬파에 본사를 둔 중소형 투자 회사입니다.
O2 Sponsor Finance, une division de la Old Second National Bank (NASDAQ:OSBC), a fourni des facilités de crédit senior sécurisées pour soutenir l'acquisition de A&R Sealcoating par Mangrove Equity Partners. Fondée en 1985 et basée à Waterford, Michigan, A&R est le plus grand fournisseur de maintenance de pavement pur du Michigan, offrant des services tels que le scellement d'asphalte, le rebouchage, le scellement de joints et de fissures, le marquage et la réparation de béton.
A&R sert à la fois les marchés commerciaux et résidentiels avec une base de clients diversifiée et très récurrente. L'entreprise s'est établie comme un leader du marché dans les solutions de maintenance et de réparation de pavements au Michigan. Mangrove Equity Partners, fondée en 2006, est une société d'investissement basée à Tampa qui se concentre sur les services industriels et B2B, la fabrication de niche et les produits pour consommateurs passionnés.
O2 Sponsor Finance, eine Abteilung der Old Second National Bank (NASDAQ:OSBC), hat senior gesicherte Kreditfazilitäten bereitgestellt, um die Übernahme von A&R Sealcoating durch Mangrove Equity Partners zu unterstützen. Gegründet im Jahr 1985 und mit Sitz in Waterford, Michigan, ist A&R der größte Anbieter von reinen Straßenunterhaltungsdiensten in Michigan und bietet Dienstleistungen wie Asphaltversiegelung, Ausbesserung, Fugen- und Rissversiegelung, Markierung und Betonreparatur an.
A&R bedient sowohl den gewerblichen als auch den privaten Markt mit einer vielfältigen und stark wiederkehrenden Kundenbasis. Das Unternehmen hat sich als Marktführer für Lösungen zur Straßeninstandhaltung und -reparatur in Michigan etabliert. Mangrove Equity Partners, gegründet im Jahr 2006, ist eine in Tampa ansässige Investmentgesellschaft, die sich auf industrielle und B2B-Dienstleistungen, Nischenproduktion und Produkte für begeisterte Verbraucher konzentriert.
- Secured credit facilities obtained for acquisition financing
- A&R holds market leadership position in Michigan's pavement maintenance sector
- Company has established recurring revenue base
- Diverse service offering across commercial and residential markets
- None.
Insights
This credit facility arrangement showcases Old Second National Bank's strategic expansion in the middle-market lending space through its O2 Sponsor Finance division. The deal structure is particularly noteworthy for several reasons:
The selection of A&R Sealcoating as a lending target demonstrates sophisticated risk assessment. The company's 38-year operating history and position as Michigan's largest pavement maintenance provider indicates stable cash flows - a important factor for secured lending. The recurring nature of maintenance services, combined with both commercial and residential revenue streams, provides natural hedge against economic cycles.
For OSBC shareholders, this transaction represents more than just a lending opportunity. It signals the bank's execution of a calculated growth strategy in sponsor-backed lending, which typically offers:
- Higher yield potential compared to traditional commercial lending
- Strong collateral protection through senior secured positions
- Relationship-building opportunities with private equity firms for future deals
The focus on infrastructure maintenance services is strategically timed, as these services typically maintain steady demand regardless of economic conditions. This conservative approach to secured lending, backed by hard assets and recurring revenue streams, aligns well with prudent banking practices while supporting earnings growth.
CHICAGO, IL / ACCESS Newswire / February 20, 2025 / O2 Sponsor Finance, a division of Old Second National Bank (NASDAQ:OSBC), today announced that it provided senior secured credit facilities to support Mangrove Equity Partners ("Mangrove") in its acquisition of A&R Sealcoating LLC ("A&R"), a Southeast Michigan-based leading provider of pavement repair and maintenance solutions.
Founded in 1985 by Rocky Ricelli and headquartered in Waterford, Michigan, A&R is a leading provider of maintenance and repair pavement solutions for commercial and residential end markets. Since its founding, A&R has grown to become Michigan's largest pure pavement maintenance provider, offering asphalt sealcoating, asphalt patching, joint and crack sealing, striping, and concrete repair services to a diverse and highly recurring base of customers.
"We are pleased to partner with Mangrove and the A&R Sealcoating team for this transaction. A&R is a market leader with a comprehensive service offering and expertise in pavement maintenance and repair in Michigan. We look forward to supporting Mangrove as they execute on the Company's strategic growth plan," said Nick O'Brien, Senior Vice President, O2 Sponsor Finance.
About Mangrove Equity Partners: Founded in 2006, Mangrove Equity Partners, LP is a lower-middle market investment firm based out of Tampa, Florida. Mangrove strives to deliver uncommon value to its partners, including business owners, management teams, employees and the intermediaries who help bring them together. The Mangrove team draws on their genuine and deep operational experience, extensive investment history, respect for people and culture and commitment to doing the right thing to help create positive outcomes for everyone involved. Mangrove pursues investments in a broad range of industries, with a particular emphasis and past success in industrial and business-to-business services, niche manufacturing and enthusiast consumer products. For more information, please visit www.mangroveequity.com.
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.
As of December 31, 2024, Old Second has approximately
Old Second National Bank, Member FDIC
Contact:
Bradley S. Adams EVP, Chief Operating Officer and Chief Financial Officer (630) 906-5484
SOURCE: Old Second Bancorp Inc.
View the original press release on ACCESS Newswire
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