Modern Bank’s Commercial & Industrial lending group has announced that it has provided revolver and term senior credit facilities to finance Crescendo Capital Partners’ and NewSpring Capital’s acquisition of Lor-Mar Mechanical Services (“Lor-Mar” or the “Company”), a leading mechanical contractor in the Philadelphia metropolitan area. The financing closed in 2020.
Incorporated in 1997, Lor-Mar is a mechanical contractor specializing in HVAC, plumbing and sheet metal services for commercial and industrial customers in the greater Philadelphia metro region. Based in New Jersey with a loyal technician base, the Company focuses in both construction and service projects and is most regarded for its HVAC retrofitting offerings.
Connor Bieling, Assistant Vice President, C&I Lending, said, “The Company is well positioned to continue to deliver best-in-class service to the Philadelphia market supported by its quality-oriented approach, an expanding service division, and a well-established technician base. The Modern team is looking forward to working closely with our partners at Crescendo Capital Partners, NewSpring Capital and Lor-Mar to assist with the execution of planned growth initiatives.
Curt Lueker, Chief Lending Officer and Head of Commercial Markets at Modern Bank, said, “We are proud to announce the transaction and excited to partner with Crescendo Capital Partners, NewSpring Capital, and management to cultivate an enduring relationship during the Company’s next phase of growth.”
About Modern Bank
Modern Bank provides cash flow based senior debt and unitranche financing to private equity, independent sponsor and entrepreneur backed companies across the lower and middle markets. Modern Bank has a strong track record of delivering tailored solutions to support buyouts/acquisitions, recapitalizations, refinancing and growth capital to companies across a diverse set of sectors including manufacturing, distribution, business services, logistics, and healthcare services.
Modern Bank works with businesses generating EBITDA of $2+ million with defensible market positions, experienced and committed management teams, and consistent free cash flow.
Modern Bank, N.A. is an FDIC insured Bank and an Equal Housing Lender.