Siena Lending Group LLC (“Siena”) announces the closing of a three-year $5.5 million asset-based revolving credit and term loan facility for Magnuson Products, LLC (“Magnuson”), a specialty auto parts manufacturer and distributor headquartered in Ventura, California, with offices in Detroit, Michigan. The facility was used to refinance certain existing debt and provide additional working capital to support business growth plans.
Magnuson is a manufacturer of OEM and aftermarket supercharger systems for the automotive industry. As the leading company exclusively focused on supercharger development and manufacturing, Magnuson delivers over 135 supercharger applications through the design, manufacture or purchase of 5,000 different parts to support these applications. Magnuson was started by industry legend Jerry Magnuson over 40 years ago and was acquired by the current ownership group led by CEO Kim Pendergast and Banyan Investment Partners in 2010. Successfully operating a woman-owned business in the traditionally male-oriented automobile industry, Kim has helped grow the business into one of the premiere brands in the supercharger market.
Mark Orlando, Director and Western Region Manager of Siena Lending Group, said, “We are pleased to complete this financing for Magnuson to help a long-established business grow and reach its next level of success. Our group at Siena is very impressed with Kim and the rest of the management team as it develops and expands its capabilities as the leading supercharger company in the industry. We look forward to supporting this woman-led business and working with Banyan in the years ahead.”
Kim Pendergast, CEO of Magnuson, said, “Mark was a pleasure to work with from the early stages, and the Siena team was responsive and worked diligently to come up with the best financing plan for Magnuson. Our other shareholders at Banyan and I are very pleased with the additional capital provided by Siena to support new programs which will help spur Magnuson’s growth. We are looking forward to a long and mutually beneficial relationship with Siena.”