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O2 Sponsor Finance provides $23 Million in Senior Secured Credit Facilities to Support Hastings Equity Partners' Acquistion of TERRA Staffing Group
CHICAGO, IL - O2 Sponsor Finance, a division of Old Second Bank, today announced that it provided senior secured credit facilities of over $23 million to support Hastings Equity Partners' acquisition of TERRA Staffing Group ("TERRA").
Headquartered in Everett, Washington, TERRA is a leading provider of staffing services for industrial, administrative, and technical staffing across a wide range of industries such as industrial, consumer products, food and beverage, and logistics. TERRA operates out of 18 offices across five states and provides its customers with a full suite of outsourced HR services and solutions, allowing customers to focus on other key critical areas in their organizations. In 2022, TERRA was presented with the Best of Staffing award for both client and talent satisfaction.
"We are excited to partner with Hastings Equity and look forward to helping support the continued growth and national expansion of the TERRA Staffing Group", said Thom Karle, Senior Vice President, O2 Sponsor Finance.
NorthCoast Mezzanine provided subordinated debt financing and an equity co-investment.
About TERRA Staffing Group: TERRA Staffing Group is an award-winning, west coast-based staffing firm that provides industrial, administrative, and technical staffing across industries such as industrial, consumer products, food and beverage, and logistics. The company was founded 40 years ago and today operates out of 18 offices in five states, visit: www.terrastaffinggroup.com
About Hastings Equity Partners: Founded in 2004, Hastings Equity Partners is a lower middle-market private equity firm. Hastings invests first institutional capital in North American founder-led companies within the industrial and business services sectors, where it has deep operating and investing experience. As a preferred capital partner, Hastings seeks to empower businesses to reach their full potential. For almost two decades, the firm has formed long-term partnerships with entrepreneurs while utilizing a hand-on approach to enhance operations, provide strategic support, and accelerate growth. For more information, please visit www.hastingsequity.com
About O2 Sponsor Finance: O2 Sponsor Finance 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. O2 Sponsor Finance focuses on supporting private equity sponsors, independent sponsors and family offices in their acquisition or recapitalization of lower middle market companies. 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 for Old Second National Bank, which celebrated 150 years of operation in 2021. Old Second's common stock trades 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 FDIC, was recently named number one among "Best Bank in Illinois in 2021." This was the second straight year the bank was selected by customers for the award. Awards are determined based on a survey of 25,000 U.S. customers who rate banks on overall satisfaction as well as trust, terms and conditions, branch services, digital services and financial advice.
As of December 31, 2022, Old Second has approximately $5.9 billion in assets, $5.1 billion in deposits and $3.8 billion in loans.
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