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TCFCF Provides $12MM to Support Range Light Acquisition of Freedom Electronics

April 14, 2014, 07:21 AM
Filed Under: Manufacturing

TCF Capital Funding ("TCFCF"), the Chicago-based cash flow and asset-based lending division of TCF National Bank (“TCF Bank”), announced that it provided a $12 million secured financing to support the acquisition of Freedom Electronics by Range Light LLC.

Freedom Electronics is a Kennesaw, GA-based rebuilder of electronic gas pumps, POS terminals and printers, specializing in the remanufacture of Gilbarco®, Tokheim®, Dresser-Wayne® and Verifone® OEM parts. Freedom offers over 2,400 items for sale, including circuit boards, displays, printers, keyboards, overlays, vacuum pumps, point of sale consoles, control boxes and cash drawers, card readers, optical encoders, power supplies and components for all major manufacturers of gasoline pumps.

"We are pleased to support Range Light's investment in Freedom," said TCF Capital Funding Senior Vice President Jim Kuncl. "The Company's management team has an excellent record of growing sales in its niche market, and Range Light is the ideal sponsor to position the Company for its next phase of growth."

“We are excited to be working with management and supporting this niche market leader,” said Steve Groya of Range Light. “The veteran team at Freedom has done an exceptional job of developing the Company, and we believe there is opportunity to continue to grow.”

“We are really excited to partner with Range Light. Range Light brings deep expertise in business process improvement and technology, as well as a long term investment and growth strategy.We are working closely with them to build a stronger infrastructure and invest in expanding our product offerings and market coverage,” said Rod Smith, Founder and CEO of Freedom.

TCF Capital Funding provides cash flow and asset-based lending to lower middle market businesses. National in scope, this senior leveraged lending group focuses on providing private equity sponsor-backed cash flow loans and asset-based loans to companies with less than $100 million in revenue and between $2 million and $10 million in EBITDA.

TCF Bank is a wholly-owned subsidiary of TCF Financial Corporation, a Wayzata, Minnesota-based national bank holding company with $18.4 billion in total assets at December 31, 2013. The company has nearly 430 branches in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana, Arizona and South Dakota, providing retail and commercial banking services. TCF, through its subsidiaries also conducts commercial leasing and equipment finance business in all 50 states, commercial inventory finance business in the U.S. and Canada, and indirect auto finance business in 45 states.

Range Light is an investment firm with over 75 years of combined operating experience, whose core competency is centered on preserving successful businesses while providing the resources and expertise to help them grow. Range Light was started to provide business owners with an alternative to the traditional Wall Street approach of buying and selling companies, and sees long-term partnerships where others see transactions.          







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