PTC Group Holdings Corp., a manufacturer of welded and DOM steel tubing and related products, received $75m in total financing.
JPMorgan Chase provided a secured loan facility while affiliates of Black Diamond Capital Management, L.L.C., the company’s private equity sponsor, made an additional investment of $10m.
The financings only involve PTC’s profitable specialty tubing and chrome bar business, which consists of eight manufacturing facilities in Western Pennsylvania and the Midwest. A separate entity, Kentucky-based PTC Seamless, which filed for bankruptcy protection in April 2015, is not a party to this financing.
Led by Mr. Curt Solsvig, CEO, PTC Alliance is a manufacturer and marketer of welded and drawn over mandrel (“DOM”) mechanical steel tubing, cold drawn seamless, fabricated, precision tubular components, and chrome-plated steel bars.
Major end–uses include construction and agricultural equipment, machinery and appliances, as well as automotive, heavy truck and energy applications.
The company employs approximately 1,000 people across its 8 manufacturing facilities.
FinSMEs
04/09/2015