BSC LLC Tombstone

Case Study – Acquisition Financing

BSC, LLC, operating as Double Envelope and Convertagraphics, is a customized commercial envelope and web offset printer producing bind in order forms and inserts for the catalog and direct mail industries.  The Company is headquartered in Roanoke, Virginia with another facility in Gainesville, Florida.

Situation:

  • Management wished to acquire Oles Envelope Corporation, a custom envelope manufacturer located in Baltimore, Maryland

Challenges:

  • Two months after executing an LOI, BSC refinanced its senior credit facility with its current lender, and was facing challenges in its lender’s willingness to increase the size of the facility to finance the acquisition
  • Management faced significant time constraints as the selling shareholder faced pressure from its existing lender for breaching loan covenants and was in work-out

Successful Solution:

  • Anderson LeNeave contacted five senior lenders and received 3 term sheets
  • Anderson LeNeave successfully arranged for a new senior credit facility with Fifth Third Bank