SETECH Inc. completes $95 million recapitalization with exclusive financial advisor
Brentwood Capital Advisors
Murfreesboro, TN – Thursday, April 7, 2005 – SETECH, Inc., a Murfreesboro-based integrated supply management services company,
completed a $95 million private placement of senior debt securities provided by
CapitalSource Finance LLC. Proceeds from the private placement will be used to
refinance SETECH’s existing indebtedness, to repurchase certain equity shareholder
interests, and to provide additional borrowing capacity to fund continued growth.
Brentwood Capital Advisors LLC acted as exclusive financial advisor to SETECH in connection with this transaction.
SETECH is a leading provider of integrated supply and inventory management services.
Through its three primary operating units, SETECH, Inc., Lewis Supply Company,
Inc., and Southeastern Technology, Inc., the Company provides integrated supply
management, traditional industrial supply distribution, and job shop machining
and engineering services. SETECH provides integrated supply management services
on a multi-site basis to a variety of customers in the manufacturing sector through
facilities located in Alabama, Indiana, Michigan, Ohio, Tennessee, and Wisconsin.
Through a joint venture SETECH provides integrated supply services in China, and
recently has created a subsidiary to provide integrated supply services across
Europe.
“SETECH is an international leader of the rapidly growing integrated supply services
industry, and we were pleased to advise the company on this recapitalization,”
said Kevin Murphy, Managing Partner of Brentwood Capital Advisors. “With a talented
management team and an established record of success, SETECH is financially positioned
to continue executing on its aggressive growth plans.”
“Brentwood Capital Advisors demonstrated a strong understanding of our business
and our financial challenges,” said Tom Eisenman, CEO of SETECH. “As our advisor,
they used this knowledge to identify the ideal financial partner to provide capital
for our recapitalization, debt refinancing, and future growth. The execution
of this transaction was professional and efficient, and we’re pleased to have
a new financing relationship with CapitalSource.”
“The SETECH transaction represents a prime example of CapitalSource’s target
opportunities,” said Stephen Klein, Managing Director of Business Credit Services
at CapitalSource. “With SETECH, we have partnered with a well-managed, rapidly
growing middle-market company to assist in addressing its capital needs and growth
opportunities. Our financing provides SETECH with financing availability and
flexibility, and we look forward to growing with the company.”
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