CHICAGO, IL/ACCESSWIRE/November 21, 2022 / O2 Sponsor Finance, a division of Old Second National Bank, today announced that it has 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 automotive glass, paint and body repair equipment. The company has been a leading supplier to body shops and window installation companies in the Midwest for over 40 years. DAG operates 12 locations in North Dakota, South Dakota, Minnesota and Iowa, with its main distribution center and headquarters in Sioux Falls, SD.
“We are delighted that West Edge Partners has selected O2 Sponsor Finance as its lead lender to support its acquisition of Dakotaland Autoglass. We look forward to supporting DAG’s continued growth.” said Thom Karle, Senior Vice President, O2 Sponsor Funding.
First Capital Partners provided subordinate debt financing and 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 body, paint and body equipment. DAG operates 12 locations in 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 in the lower middle market. The company supports its partners with a value-added approach and seeks to invest in organic and inorganic growth initiatives. West Edge is based in Southern California with offices in Los Angeles, CA and Philadelphia, PA. For more information, please visit www.westedgepartners.com.
About O2 Sponsor Finance: O2 Sponsor Finance is a nationwide provider of cash flow-based lending to lower-middle market businesses with typically $10-100 million in revenue and between $2-10 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 businesses. 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 of Old Second National Bank, which celebrated 150 years in business in 2021. The common stock of Old Second are trading 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 of the FDIC, was recently named number one among the “Best Banks in Illinois 2021”. It was the second year in a row that the bank was selected by customers for this award. 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 and conditions, branch services, digital services and financial advice .
As of September 30, 2022, Old Second held approximately $6.0 billion in assets, $5.28 billion in deposits, and $3.87 billion in loans.
THE SOURCE: Old Second Bancorp Inc.
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