BGL Magnetizes a Financing Transaction for Magnum Magnetics Corporation
Brown Gibbons Lang & Company (“BGL”) announced today that its client, Magnum Magnetics Corporation (“Magnum”), has closed on a financing transaction with RBS Citizens, N.A. (d/b/a Charter One) and PNC Mezzanine Capital. Vorys, Sater, Seymour and Pease LLP served as legal counsel for Magnum.
Headquartered in Marietta, Ohio, Magnum is a leading U.S. flexible magnet manufacturer for niche applications in the promotional products industry and several other sectors, offering an extensive line of magnetic sheet and strip products and value-added fabrication / processing services. Magnum serves a diversified base of customers and is well-recognized within the industry for its exceptional quality, product and process customization and innovation, best-in-class lead times, and technical service capabilities.
Tom Love, co-founder and CFO of Magnum stated, “We are extremely pleased with the outcome of the transaction. BGL’s solution-oriented approach ensured that our key transaction objectives were met and their leadership ensured a successful closing.” Allen Love, co-founder and CEO of Magnum added, “We are excited about the future of our business. With our motivated management team and new banking relationships, we stand ready to take the business to the next level.”
John Tilson and Joe Boleski led the BGL transaction team.
About RBS Citizens, N.A. (d/b/a Charter One)
Citizens Financial Group, Inc. (“CFG”) is a $148 billion commercial bank holding company. It is headquartered in Providence, Rhode Island and, through its subsidiaries, has more than 1,500 branches, more than 3,500 ATMs, and approximately 22,700 employees. Its two bank subsidiaries are RBS Citizens, N.A. and Citizens Bank of Pennsylvania. They operate a 12-state branch network under the Citizens Bank brand in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, and Vermont, and the Charter One brand in Illinois, Michigan, and Ohio. CFG has non-branch retail and commercial offices in about 40 states. CFG is owned by The Royal Bank of Scotland Group plc (“RBS”).
About PNC Mezzanine Capital
PNC Mezzanine Capital is focused on financing buyouts, recapitalizations, and consolidation strategies for companies in a wide range of industries, including business services, niche manufacturing, and value-added distribution. Since 1989, PNC Mezzanine Capital has been a stable, thoughtful mezzanine partner for sponsor groups, entrepreneurs, and management teams. PNC Mezzanine Capital’s approach has been to underwrite the long-term business strategy of its portfolio companies allowing it to respond constructively to the opportunities and challenges of the changing business environment. As a result, PNC Mezzanine Capital has made 86 investments in 52 companies, in support of 127 transactions. PNC Mezzanine Capital seeks to invest $10 million to $35 million in subordinated debt and equity in companies with strong management teams, proven business models, and stable cash flows with a clear avenue for growth, and can lead transactions of up to $45 million.
About Vorys, Sater, Seymour and Pease LLP
Vorys, Sater, Seymour and Pease LLP has offices in Columbus, Cleveland, Cincinnati, and Akron, Ohio, as well as in Washington, D.C., and Houston. With nearly 375 attorneys, Vorys is one of the largest law firms in the United States and was recently recognized as a Cross Practice Powerhouse in a survey of corporate America and one of the top 25 national firms serving the retail and industrial manufacturing industries. For more information, visit www.vorys.com.