TCF Capital Funding, a division of TCF National Bank which is a subsidiary of TCF Financial Corporation (TCF) (NASDAQ: TCF), today announced that it provided $14 million in secured financing to support Wincove Private Holdings’ (Wincove) portfolio company, Aloi Materials Handling & Automation (Aloi), in its acquisition of Mainstream, Inc.
“We are pleased to expand our relationship with Wincove and Aloi by providing senior financing to acquire Mainstream, which also included Aloi’s recent acquisition of Automated Cells & Equipment (ACE),” said Ed Ryczek, senior vice president at TCF Capital Funding. “The three combined companies create a full-service provider of material handling and automation solutions, from initial systems integration to the ongoing service and maintenance of the equipment.”
About TCF Financial Corporation
TCF Financial Corporation (NASDAQ: TCF) is a Detroit, Michigan-based financial holding company with $47 billion in total assets at December 31, 2019 and a top 10 deposit market share in the Midwest. TCF’s primary banking subsidiary, TCF National Bank, is a premier Midwest bank offering consumer and commercial banking, trust and wealth management, and specialty leasing and lending products and services to consumers, small businesses and commercial clients. TCF has approximately 500 branches primarily located in Michigan, Illinois and Minnesota with additional locations in Arizona, Colorado, Ohio, South Dakota and Wisconsin. TCF also conducts business across all 50 states and Canada through its specialty lending and leasing businesses. To learn more about TCF, visit tcfbank.com.
About TCF Capital Funding
TCF Capital Funding 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. Additionally, TCF Capital Funding focuses on supporting private equity sponsors and family offices in their acquisition or recapitalization of these lower middle market companies. To learn more about TCF Capital Funding, visit tcfcapitalfunding.com
About Wincove Private Holdings
Wincove is an investment holding company that creates long-term capital appreciation for its shareholders by partnering with business owners, entrepreneurs and management teams to build market-leading companies. With offices in Boston and New York, Wincove has a permanent capital base and can therefore stay invested in its partner companies for an unlimited time horizon. To learn more, please visit wincove.com
About Aloi Material Handling & Automation
Headquartered in Rochester, New York, Aloi is a provider of automated and integrated solutions for various material handling applications, including: automated packaging lines, robotic and conventional palletizing, controls, conveyor systems, pallet storage systems and many other material handling solutions. To learn more, please visit aloi.com
About Mainstream, Inc.
Mainstream, Inc. provides preventative maintenance, “break-fix” service, integration and installation of large conveyor systems, primarily to the package handling and e-commerce industries. Mainstream has over 100 field technicians located throughout the United States, allowing them to provide 24-hour support 365 days a year. To learn more, please visit mainstream-inc.com.
Click here to subscribe to news release email alerts for TCF Financial Corporation.
Source: TCF Financial Corporation