by admin | July 13, 2010 5:34 pm
Funding enabled through Illinois New Markets Development Program
CHICAGO, July 13, 2010 — Advantage Capital Partners today announced that it has led a multi- million dollar investment in Mason Manufacturing, a leading manufacturer of high quality, ASME heat exchangers and vessels for major national and international clients, including the biotechnology, biofuels, grain processing, chemical, petroleum, power and water treatment industries. Mason Manufacturing will use the funds to position itself for continued growth.
“For sixty years, our family and firm have been recognized as leading authorities in the processing equipment fabrication industry. We are thrilled that this investment will allow us to expand and enhance our offerings to customers around the world from our headquarters here in Decatur,” said Jad Mason, Mason Manufacturing CEO. Advantage Capital provided financing in connection with the Illinois New Markets Development program and the federal New Markets Tax Credit program. Both programs are designed to stimulate economic growth in communities that historically have been underserved by traditional sources of capital.
“Our investment will help sustain and expand this manufacturing business, preserving 35 high paying jobs and transitioning the company to a new phase of growth,” said Mark Lewis, Principal at Advantage Capital Partners, who is joining the Board of Directors.
“I am delighted that Decatur-based Mason Manufacturing will continue to expand as a result of an investment enabled by the Illinois New Market Development Program,” said Illinois State Representative Bob Flider. “This economic development program, which directs investment capital to underserved regions, will clearly make a substantial impact on our community by preserving jobs and encouraging Illinois entrepreneurs to maintain and grow their businesses here.”
“I am pleased that 35 high paying jobs will be retained as a result of this New Markets program financing. We look forward to continued growth for Mason Manufacturing, as well as other innovative companies that reside here in the District,” said Illinois State Senator Kyle McCarter.
The financing package included co-investment from Jad and Ty Mason, executives and members of the Board of Directors, and MCH Equity Ventures, represented on the Board of Directors by Mark Huneke. Marshall & Ilsley Bank also provided a Revolving Line of Credit, which will be used to provide financing for the short term working capital needs of the business. Nolan & Associates, a leading Midwest-based investment-banking firm with offices in St. Louis, Missouri and Decatur, Illinois, introduced the parties while acting as exclusive advisor to Mason Manufacturing in the transaction.
About Advantage Capital Partners
Advantage Capital Partners is a leading small business finance firm focused on providing growth capital and other investments supporting state and local economic development efforts. The firm’s typical forms of investment include expansion equity, mezzanine financing, senior and subordinated loans and government-guaranteed lending. With offices and partners in Chicago, St. Louis, New Orleans and other U.S. cities, Advantage has raised more than $1.3 billion in institutional capital since 1992 and invested in companies located in geographic areas underserved by traditional capital.
Source URL: http://www.advantagecap.com/advantage-capital-partners-leads-investment-in-decatur-based-mason-manufacturing/
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