Fifth Third Business Capital Provides $21.5 Million for Spray Products

Fifth Third Business Capital Provides $21.5 Million for Spray Products

Fifth Third Business Capital, a division of Fifth Third Bank, announced it acted as sole lender and administrative agent on the funding of a new $21,500,000 senior credit facility to Conshohocken, Pennsylvania-based Spray Products Corporation and affiliates.

Founded in 1958, Spray Products is a leading custom contract manufacturer of aerosol and liquid consumer products. The company’s products span a wide range of end users, including automotive, industrial, institutional, and personal use. The company assists with all phases of product development, including research and development, formulation and technical support, manufacturing, and packaging and distribution. Spray Products has manufacturing facilities in Conshohocken, PA and Medina, OH. Fifth Third’s credit facility was used to refinance existing debt, to provide ongoing working capital support and to finance new capital expenditure requirements.

“Our expert team was able to deliver an asset-based lending solution that allows Spray Products to fulfill their growth initiatives,” said Michael Sharkey, president of Fifth Third Business Capital.

“We are delighted to partner with the team at Fifth Third,” noted Bart Bastian, president and CEO of Spray Products. “They took the time to learn about our business and impressed us at every step during the diligence process with their creative approach to financing our specific business needs as we continue to grow.”

Phoenix Capital Resources, a leading middle market special situations investment bank, acted as financial advisor and investment banker to Spray Products in arranging, structuring and negotiating the new financing. 

About Fifth Third Business Capital

Fifth Third Business Capital is a division of Fifth Third Bank that provides creative asset-based financing to large corporate and middle market companies throughout the United States and Canada from $5 million and up. The team serves manufacturers, distributors, service companies, and retail chains with sales from $25 million and up, primarily with needs related to acquisitions, dividend recapitalizations, growth, debt restructurings, capital expenditures, and turnarounds. Fifth Third Business Capital provides flexible structures that include revolving lines of credit and term loans, all supported by accounts receivable, inventory, equipment, real estate, and intangibles. As part of the overall financing, Fifth Third Business Capital also selectively considers cash flow term loans supported by sufficient operating earnings to repay these loans in a timely manner.

Fifth Third Business Capital is a division of Fifth Third Bank. Credit products are subject to credit approval and mutually acceptable documentation. In the United States deposit and credit products offered by Fifth Third Bank, Member FDIC.   Equal Housing Lender.

About Fifth Third

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio and the indirect parent company of Fifth Third Bank, an Ohio-chartered bank. As of June 30, 2019, Fifth Third had $169 billion in assets and operated 1,207 full-service Banking Centers and 2,551 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth Third provides its customers with access to approximately 53,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of June 30, 2019, had $399 billion in assets under care, of which it managed $46 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the Nasdaq® Global Select Market under the symbol “FITB.” Fifth Third Bank was established in 1858. Deposit and Credit products are offered by Fifth Third Bank. Member FDIC.