CHICAGO, IL / ACCESSWIRE / Nov. 21, 2022 / O2 Sponsor Finance, a division of Old Second National Bank, announced today that it has provided $13,350,000 in senior secured credit facilities to fund West Edge Partners’ acquisition of Dakotaland Autoglass (“DAG” or the “Company”) to support.
DAG is a leading distributor and service provider of aftermarket automotive replacement glass, paint and body equipment. The company has been a leading supplier to body shops and glass installers in the Midwest for over 40 years. DAG operates 12 locations in North Dakota, South Dakota, Minnesota and Iowa, with its primary distribution center and headquarters in Sioux Falls, SD.
“We are pleased that West Edge Partners has selected O2 Sponsor Finance as their preferred lender to support the acquisition of Dakotaland Autoglass. We look forward to supporting DAG’s continued growth,” said Thom Karle, Senior Vice President, O2 Sponsor Finance.
First Capital Partners provided subordinated debt financing and an equity co-investment.
About Dakotaland Autoglass: Dakotaland Autoglass was founded in 1978 and is based in Sioux Falls, SD. DAG operates 12 locations in North Dakota, South Dakota, Minnesota and Iowa with its main distribution center in Sioux Falls, SD. Visit www.dakotalandautoglass.com for more information
About West Edge Partners: West Edge Partners is a private equity firm focused on investing in lower middle market business and consumer services, distribution and light manufacturing companies. The company supports its partners with a value-added approach and intends to invest in both organic and inorganic growth initiatives. West Edge is based in Southern California with offices in Los Angeles, California and Philadelphia, PA. For more information, visit www.westedgepartners.com.
About O2 Sponsor Finance: O2 Sponsor Finance is a national provider of cash flow-based loans to lower-middle market companies with revenues typically ranging from $10 million to $100 million and EBITDA ranging from $2 million to $10 million. O2 Sponsor Finance focuses on supporting private equity sponsors, independent sponsors and family offices in the acquisition or recapitalization of lower middle market companies. Visit www.O2sponsorfinance.com for more information.
About Old Second Bancorp, Inc.: Old Second Bancorp, Inc., headquartered in Aurora, Illinois, is the bank holding company of Old Second National Bank, which celebrated its 150th anniversary in 2021. Old Second’s common stock is traded on the NASDAQ exchange under the symbol “OSBC.” . For more information about Old Second, visit the Investor Relations section of www.oldsecond.com.
Old Second National Bank, a member of the FDIC, was recently named the number one Best Bank in Illinois for 2021. This was the second year in a row that the bank had been selected by customers for the award. The awards are determined based on a survey of more than 25,000 US customers who rate banks on overall satisfaction as well as trust, terms of business, branch services, digital services and financial advice.
As of September 30, 2022, Old Second has approximately $6.0 billion in assets, $5.28 billion in deposits and $3.87 billion in loans.
SOURCE: Old Second Bancorp Inc.