CHICAGO, IL / ACCESSWIRE / November 21, 2022 / O2 Sponsor Finance, a division of Old Second National Bank, today announced that it provided $13,350,000 in senior secured credit facilities to support West Edge Partners acquisition of Dakotaland Autoglass ("DAG" or the "Company").
DAG is a leading distributor and service provider of aftermarket automotive replacement glass, paint & body equipment. The Company has been a leading supplier to autobody shops and glass installation businesses in the Midwest for over 40 years. DAG operates 12 locations across North Dakota, South Dakota, Minnesota and Iowa, with its main distribution center and headquarters in Sioux Falls, SD.
"We are excited that West Edge Partners selected O2 Sponsor Finance as senior lender to support their acquisition of Dakotaland Autoglass. We look forward to supporting DAG's ongoing 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: Founded in 1978 and based in Sioux Falls, SD, Dakotaland Autoglass is a leading distributor and service provider of aftermarket automotive replacement glass and paint & body equipment. DAG operates 12 locations across North Dakota, South Dakota, Minnesota and Iowa with its main distribution center in Sioux Falls, SD. For more information, please visit www.dakotalandautoglass.com
About West Edge Partners: West Edge Partners is a private equity firm focused on investing in business and consumer services, distribution and light manufacturing businesses in the lower middle market. The firm supports its partners through a value added approach and looks to invest in both organic and inorganic growth initiatives. West Edge is Southern California based with offices in both Los Angeles, CA and Philadelphia, PA. For more information, please visit www.westedgepartners.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 September 30, 2022, Old Second has approximately $6.0 billion in assets, $5.28 billion in deposits and $3.87 billion in loans.
CONTACT:
Brad Adams
630.906.5484
SOURCE: Old Second Bancorp Inc.