NEW YORK, April 11, 2022– (BUSINESS WIRE) – White Oak Global Advisors, LLC, (“White Oak”) announced today that it has provided a $ 75 million time loan to North Atlantic Imports, also known as Blackstone Products (“Blackstone” or “Company”). ). a distributor of branded grills and accessories based in Utah. The loan was offered on a split-lien basis along with a Wells Fargo ABL revolver.
“Blackstone is an innovator in its industry and we are excited to support their continued growth,” said Albert Brandano, Director of Origins at White Oak Global Advisors. “We worked hand in hand with the Company to adapt a solution that will help facilitate a pending business combination, while at the same time Blackstone will be better positioned for the future.”
The Company announced in December 2021 that it had entered into a final merger agreement with the special purpose acquisition company, Ackrell SPAC Partners I Co. (“Ackrell”, Nasdaq: ACKIU). Subject to the satisfaction of certain closing conditions, Blackstone will become a public company and is expected to trade on the Nasdaq with the new symbol “BLKS”.
Roger Dahle, Founder & CEO of Blackstone Products, said: “At this critical juncture in our development, Blackstone needed a differentiated credit solution. to sacrifice execution and I appreciate their cooperation. “
“We are pleased to partner with White Oak to create an economic solution that supports Blackstone’s new venture,” said Jeff Kaye, Managing Director of Wells Fargo Commercial Capital Originations. “Blackstone has done a great job positioning itself as a market leader and we look forward to being part of their continued success and helping them achieve their long-term strategy.”
White Oak is committed to helping mid-market companies at every stage optimize their capital structures based on available assets and cash flows with the integrated product line, practical lending advisory approach and the ability to meet capital needs. ranging from $ 5 million to $ 200 million.
About White Oak Global Advisors
White Oak Global Advisors, LLC (“WOGA”) is a leading alternative debt manager specializing in the creation and provision of financing solutions to facilitate the development, refinancing and recapitalization of small and medium-sized enterprises. In addition to its subsidiaries, WOGA provides over twenty lending products in the marketplace, including term loans based on assets and equipment, across all sectors of the economy. Since its inception in 2007, WOGA and its subsidiaries have grown more than $ 10 billion in its product lines, using a disciplined investment process focused on providing risk-adjusted return on investment to long-term partnerships with our lenders. . More information can be found at www.whiteoaksf.com.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company with assets of approximately $ 1.9 trillion, proudly serving one in three households in the US and more than 10% of small businesses in the US and is the leading US Mid-Market Banking Provider We provide a diversified set of banking, investment and housing products and services, as well as consumer and commercial finance, through our four functional areas: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking Investment Management. Wells Fargo ranked 37th in Fortune’s 2021 ranking of America’s largest companies. In the communities we serve, the company focuses its social impact on building a sustainable inclusive future for all, supporting affordable housing, small business development, financial health and a low carbon economy. News, information and prospects from Wells Fargo are also available at Wells Fargo Stories.
About Blackstone Products
Blackstone Products, based in Logan, UT, is essentially redefining the way people cook outdoors. The company specializes in outdoor grills that allow users to cook a wider variety of foods faster and more often. The powerful Blackstone product line features innovative and easy-to-use grills, accessories and consumables that enhance outdoor cooking and make it more enjoyable and accessible to everyone for every meal. Blackstone believes it helps people create a dining experience that brings family and friends together.
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Prosek Partners (on behalf of White Oak Global Advisors)