ACCESS Newswire
19 Sep 2022, 18:31 GMT+10
CHICAGO, IL / ACCESSWIRE / September 19, 2022 / O2 Sponsor Finance, a division of Old Second National Bank, today announced that it provided senior secured credit facilities to support Prospect Partners' recapitalization, with management, of Blackwood Solutions & its related entities (together 'Blackwood').
Blackwood is a leading electric utility services provider offering specialty transportation, logistics management, recycling, and disposal services in over 20 states. The company's asset-based, self-performance model delivers best-in-class customer service to major electric utility customers, electric utility related manufacturing facilities, and railroad operators. Blackwood utilizes its fleet of self-loader trucks, semi tractors, and specialty trailers to offer turn-key solutions for complex logistic and inventory management projects.
'We are excited that Prospect Partners selected O2 Sponsor Finance as senior lender to support their recapitalization of Blackwood. Blackwood has a unique service offering that creates deep relationships with its utility customers. We look forward to supporting Blackwood's ongoing growth.' said Nick O'Brien, Vice President, O2 Sponsor Finance.
Tecum Capital Partners provided subordinated debt financing and an equity co-investment.
About Blackwood Solutions Inc.: Founded in 2016 and based in Bloomington, IN, Blackwood Solutions is a leading electric utility services provider offering specialty transportation, logistics management, recycling, and disposal services in over 20 states. The company's asset-based, self-performance model delivers best-in-class customer service to major electric utility customers, electric utility related manufacturing facilities, and railroad operators. Blackwood utilizes its fleet of self-loader trucks, semi tractors, and specialty trailers to offer turn-key solutions for complex logistic and inventory management projects. For more information, please visit www.bwoodsolutions.com
About Prospect Partners: Founded in 1998, Prospect Partners is an active investor and builder of pre-middle market companies. Prospect focuses on partnering with management teams to complete recapitalizations, build-ups, carve-outs, and generational transitions. The Prospect team brings deep domain expertise building high potential companies through both operational improvements and acquisitions. For more information, please visit www.prospect-partners.com.
About O2 Sponsor Finance: O2 Sponsor Finance is a national provider of cash flow-based loans to lower middle market businesses. O2 Sponsor Finance focuses on supporting private equity sponsors, independent sponsors and family offices in their acquisition or recapitalization of lower middle market companies. For more information, please visit www.O2sponsorfinance.com.
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 June 30, 2022, Old Second has approximately $6.0 billion in assets, $5.3 billion in deposits and $3.6 billion in loans.
CONTACT:
Brad Adams
630.906.5484
SOURCE: Old Second Bancorp Inc.
Get a daily dose of Miami Mirror news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Miami Mirror.
More InformationSOUTH BURLINGTON, Vermont: Beta Technologies has become the first U.S. company to land an all-electric aircraft at an airport in the...
WASHINGTON, D.C. Forget bucket lists; this summer, it's all about budget lists. Amid economic uncertainty and a weaker dollar, Americans...
MENLO PARK, California: As artificial intelligence demands explode, Big Tech is turning to an old source for new power: nuclear energy....
NEW YORK, New York - U.S. stocks rose appreciably Friday following the release of a strong jobs report which sent the U.S. dollar higher,...
WASHINGTON, D.C. America's job market is starting to lose momentum. In April, job openings rose — but so did layoffs, marking their...
DUBLIN, Ireland: Digital Business Ireland (DBI) has asked the Government to do more to help Ireland's digital and tech sector. This...
LOS ANGELES, California: As obesity rates among American teenagers climb to historic levels, more families and doctors are cautiously...
BERLIN, Germany: Germany has taken its first significant fiscal step to jumpstart its slowing economy. This week, the cabinet approved...
ISLAMABAD, Pakistan: Pakistan's army said on June 4 that its security forces raided a militant hideout and killed 14 insurgents during...
NEW YORK CITY, New York: The United Nations General Assembly has elected five countries to join the Security Council starting January...
SEOUL, South Korea: South Korea's new president, liberal Lee Jae-myung, took office on June 4 after a dramatic and chaotic few months....
LONDON, UK: As of this month, it's officially illegal to buy disposable vapes anywhere in the United Kingdom. The new ban, aimed...