MidFirst Business Credit Announces New Lending Relationship with Phoenix Group Metals, LLC
ATLANTA – MidFirst Business Credit (MFBC) announced it has provided a $10 million working capital facility to Phoenix Group Metals, LLC (PGM). Headquartered in Phoenix, PGM operates three recycling locations for automotive cores and catalytic convertors in Phoenix, Houston, and Atlanta. The funds were used to refinance the payoff to an existing lender, provide additional working capital and help facilitate further business expansion. The transaction was completed on July 24.
“We are thrilled and very optimistic to lead our company forward with the solid support of our new banking relationship partner. This will allow us to put our energy into our business growth and unwavering commitment to our valuable customers” stated Jay Robie, CEO of Phoenix Group Metals, LLC.
Dennis Schlesner, MFBC president added, “We are very excited about the opportunity to begin a relationship with Phoenix Group Metals, LLC and we look forward to being their partner for years to come.”
Headquartered in Atlanta with offices in Chicago, Dallas, Detroit, Los Angeles, Nashville and Phoenix, MidFirst Business Credit provides customized and flexible financing solutions to growing businesses nationwide. Offering lines of credit of up to $30 million, MidFirst Business Credit provides working capital and term loan facilities for acquisitions, recapitalizations, working capital needs and turnaround situations.
MFBC is owned by MidFirst Bank, the largest privately owned bank in the nation with more than $24 billion in assets. This unique structure gives MFBC the flexibility of a finance company with the financial backing and stability of a bank.