CHICAGO, IL / ACCESSWIRE / March 21, 2023 / O2 Sponsor Finance, a division of Old Second National Bank, today announced that it served as senior secured credit facilities administrative agent and lead arranger for over $44 million in senior secured credit facilities to support Soundcore Capital Partners' acquisitions of ACI Asphalt & Concrete, LLC ("ACI") and ACS Asphalt Concrete Solutions ("ACS").
Soundcore formed ACI Holdings Group as part of its acquisition of ACI in July 2022. Soundcore then acquired ACS through its ACI Holdings Group platform company in January 2023.
ACI is a provider of asphalt and concrete installation, maintenance and repair services to commercial parking lot and multi-family homeowner associations. ACI is an industry-leading, preferred paving company for some of the world's largest commercial, medical, retailer companies and HOA management groups in the Minneapolis-St. Paul ("MSP") and upper Wisconsin service areas.
ACS is also a provider of asphalt and concrete installation, maintenance, and repair services for commercial and multi-family homeowner association customers in the greater Minneapolis metropolitan area.
"The combination of ACI & ACS creates the true market leader in the Minneapolis/Twin Cities area. The combination is evidence of Soundcore's commitment to their targeted buy-and-build growth strategy in the commercial paving space," said Thom Karle, Senior Vice President, O2 Sponsor Finance.
Co-lender senior financing was also provided by Old National Bank. Northstar Capital provided subordinated debt financing.
About ACI Asphalt and Concrete, LLC: ACI Asphalt & Concrete, LLC was founded in 1993. The company is headquartered northwest of Minneapolis in Maple Grove, Minnesota. With thousands of completed paving projects per year, ACI utilizes state-of-the-art equipment to provide the greater Minneapolis market with a one-stop solution for paving services. For more information, please visit www.aciasphalt.com
About ACS Asphalt Concrete Solutions: ACS was founded in 2012. ACS is headquartered 15 miles north of Minneapolis in Blaine, Minnesota. ACS is a leading asphalt and concrete repair and maintenance services provider to a diversified mix of end markets throughout the Minneapolis-St. Paul and bordering regions. For more information, please visit www.acsasphalt.com
About Soundcore Capital Partners: Soundcore specializes in North America-based buy-and-hold investments in the lower middle market. Target companies typically have revenues up to $150 million and are active in business and outsourced services, industrial services, specialty manufacturing and value-added distribution sectors. The firm was founded in 2015 by Managing Partner Jarrett Turner and is headquartered in New York City. For more information, please visit www.soundcorecap.com.
About O2 Sponsor Finance: O2 Sponsor Finance is a national provider of cash flow-based loans to lower middle market businesses with typically $10 to $100 million in revenue and between $2 million and $10 million in EBITDA. 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 December 31, 2022, Old Second has approximately $5.9 billion in assets, $5.1 billion in deposits and $3.8 billion in loans.
SOURCE: Old Second Bancorp Inc.
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