Busche Performance Group Raises New Equity to Bolster Capita
SOUTHFIELD, Mich., June 1, 2020 /PRNewswire/ -- Busche Performance Group (BPG) is pleased to announce that it closed on a substantial recapitalization sourced from existing ownership and new enhanced financing by its senior secured credit facility. This will materially strengthen the company's balance sheet, enhance its working capital position and create flexibility for future growth. This action was designed to provide durability to the balance sheet through the COVID-19 pandemic, but more important, add the capital necessary for further growth. This further supports the board's vision of continuing to distinguish BPG from its competitors and further position BPG as a strategically relevant, global supplier-of-choice for the OEMs.
The new equity infusion by the BPG ownership group demonstrates their commitment and support to the industry, the company's superior leadership, and business strategy. Additionally, BPG continues its lending relationship with Wells Fargo Bank and the Direct Lending Group of TCW Asset Management Company LLC ("TCW") as co-lenders. Wells Fargo serves as the administrative agent and lead arranger for the revolving credit portion of the facility, while TCW continues to serve as the administrative agent and lead arranger for the term loan portion of the facility.
"We are proud to be working with committed shareholders and lenders," said Joe Perkins, President and CEO of Busche Performance Group. "Their collective belief in our vision was apparent through this entire process. With the commitment of all of our stakeholders, BPG now turns its full attention to the re-start of the industry and importantly, to continued growth, innovation, and driving customer satisfaction. The strength of our capital structure and stakeholder support distinguishes BPG from its competitors."
"The completion of this process accomplishes a critical step in the evolution of BPG," said Chris Charlton, Chairman of the Board. "We have worked through the COVID-19 crisis flawlessly and are now firmly positioned to be a supplier of choice and capture market share. Our next step will be to announce a re-branding of BPG in the coming weeks to further enhance our strategic intent."
About Busche Performance Group
Busche Performance Group (BPG) is one of the largest vertically integrated casting and machining suppliers of high-quality chassis components in North America. BPG is a leader in the design and manufacture of complex, safety-critical aluminum castings and associated precision machining critical to automotive systems such as chassis, suspension, engine, and driveline, along with agricultural, construction, industrial and refrigeration markets. The company employs nearly 1,400 people in multiple facilities in Indiana, Ohio, Michigan and Alabama. For more information, please visit www.buschegroup.com.
SOURCE Busche Performance Group