Minneapolis, MN, June 2013 – Spell Capital Mezzanine (“Spell”) is pleased to announce a $5.5 million investment in Sellars Absorbent Materials, Inc. (“Sellars” or the “Company” as part of a refinancing of the Company.
Sellars is a growing manufacturer and marketer of disposable nonwoven dry wipes, towels, absorbents and other specialty nonwoven
products primarily for the away-from-home markets in North America. The privately-held Milwaukee, Wisconsin based company utilizes innovative “green” technology to produce high quality nonwoven products from recycled input materials that have comparable or better performance characteristics than competing virgin products. The Company’s TOOLBOX® brand shop towels and wipes are distributed nationwide through commercial distributors and leading retailers serving the home improvement, auto, and agriculture markets. The Company is also a leading wholesale supplier of wipers to many of the largest branded paper companies in North America.
Tom Sellars, Chairman & CEO of Sellars, stated, “Spell is a welcome partner in our continued success. What really distinguished Spell from our perspective is that we dealt directly with experienced decision makers within the firm. They were very reasonable to deal with and highly professional.”
“We are excited about our investment in Sellars,” said Andrew Leonard, Managing Director at Spell. “We believe that Company is poised to benefit from significant investments in people and technology over the last few years, and our capital will help continue the positive momentum.”
About Spell Capital Mezzanine
Spell Capital Mezzanine provides subordinated debt and non-control equity to businesses in a variety of industries across the United States. We finance leveraged acquisitions backed by lower middle-market private equity sponsors, management and family driven ownership transitions, add-on acquisitions, recapitalizations and growth initiatives.
For more information about this transaction, please contact Stacy Harmsen, Senior Managing Director, at [email protected].