Wolverine Partners, a Chicago-based consulting and investment banking ¦rm, is pleased to announce the refinancing of Iceberg Enterprises, LLC (“Iceberg”) with Siena Lending Group LLC(“Siena”).
Iceberg is the leading manufacturer and distributor of folding tables, dry erase boards and storage solutions to the office products industry, selling branded and private label office products through wholesalers, dealers, retailers (including e-tailers), industrial distributors and vertical markets. The company also markets production capacity to the custom manufacturing market by providing blow mold, assembly and logistics services.
The refinancing totaled $15.2 million in committed facilities, consisting of a revolving loan and two term loans secured by machinery & equipment and real estate. Proceeds were used tore¦nance the company’s existing credit facilities and to provide additional working capital to help grow the business.
Of the refnancing process run by Wolverine Partners, Howard Green, Chief Executive Officer ofIceberg noted “Wolverine Partners has been a long term productive partner and adviser toIceberg. John Kemp did an extraordinary job of uncovering and presenting us with a powerfulrange of financing options and then relentlessly followed up on everything needed to get the transaction closed.”
John Kemp, Managing Partner of Wolverine Partners commented that “we were very happy to run a robust refinancing process that allowed Iceberg to optimize their capital structure while providing funding for future growth, and introduced Siena as a strategic financing partner forIceberg."