P&M Corporate Finance, LLC Announces the Closing of AVL Michigan Holding Corporation’s $28.8 Million Debt Financing Package
Southfield, MI (August 21, 2007) – P&M Corporate Finance, LLC (“PMCF”) is pleased to announce it has arranged $28.8 million of senior debt financing for AVL Michigan Holding Corporation (“AVL”). PMCF served as the exclusive financial advisor to AVL in completing the transaction. The financing was provided by Citizens Bank and Comerica Bank. The proceeds will be used to fund ongoing working capital requirements and finance the purchase and improvement of real estate and equipment.
PMCF’s Industrials team worked closely with AVL management to initiate, evaluate and negotiate the entire transaction, as well as assist AVL in developing relationships with new banking partners. The new financing arrangement strengthens AVL’s ability to capitalize on several large projects currently being pursued with its major automotive OEM customer base. In addition, AVL was able to secure funding to purchase and expand its state-of-the-art facilities in Plymouth, Michigan.
AVL Michigan Holding Corporation is a subsidiary of AVL List GmbH, the leading global provider of diesel powertrain engineering, simulation and powertrain testing systems. Headquartered in Graz, Austria AVL List has affiliates in over 25 countries around the world. Its North American operation, AVL Michigan Holding Corporation, is comprised of AVL North America and AVL Powertrain Engineering, Inc. It is headquartered in Plymouth, Michigan with additional facilities in Plymouth, Bloomfield Twp., and Ann Arbor, Michigan.
About P&M Corporate Finance, LLC
P&M Corporate Finance, LLC is a boutique investment bank providing merger and acquisition services to middle-market companies in North America and Europe. PMCF has dedicated industry teams providing services to the life sciences, business services, building products and industrial industries. PMCF is headquartered in Southfield, Michigan with additional offices in Cleveland, Ohio and Chicago, Illinois.