Rockland, MA, November 16, 2016 – Rockland Trust today announced it financed a $4.35 million transaction for equipment manufacturer, Macton Corporation and its senior credit facility.
“Rockland Trust is excited to partner with Peter McGonagle and his Macton team to invest in a company that has provided top-notch manufacturing services for decades” said Dan Landers, head of Asset Based Lending at Rockland Trust. “Macton has done a great job positioning itself for growth through product innovations and superior customer support.”
The loan will be used to refinance existing debt and provide the company with increased liquidity to support its growth. TrueNorth Capital Partners acted as the financial advisor to Macton Corporation. Rockland Trust’s Asset Based Lending team provides innovative financing structures to businesses across the New England area and into New York. The Bank has extensive experience helping a variety of industries including manufacturers, distributors, wholesalers, retailers and service companies to achieve their financial objectives by utilizing Asset Based loans.
Macton Corporation is a full-service equipment manufacturer based in Oxford, CT. For six decades, the company has focused its efforts on engineering, fabricating and installing high quality moving structures. Owned by the members of its senior management team, Macton continues to serve the long-term needs of its customers and provides customers with the same level of innovative engineering, high-quality manufacturing and strong ongoing support.
“Macton is excited about the opportunity to partner with Rockland Trust on this financing transaction, since it provides Macton with additional working capital for the continued growth in our sales and manufacturing operations. We expect this strong growth in our product markets to continue and having a financial partner such as Rockland Trust is extremely valuable in helping us properly manage that growth.”
About Rockland Trust
Independent Bank Corp. has approximately $7.8 billion in assets and is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. Rockland Trust offers a wide range of banking, investment, and insurance services to businesses and individuals through retail branches, commercial lending offices, investment management offices, and residential lending centers located in Eastern Massachusetts and Rhode Island, as well as through telephone banking, mobile banking, and the Internet. Named in 2015 to The Boston Globe’s “Top Places to Work” list for the seventh consecutive year, Rockland Trust was rated the top Largest Employer to work for in Massachusetts. The Company is also an FDIC member and an Equal Housing Lender. To find out why Rockland Trust is the bank “Where Each Relationship Matters ®”, please visit https://www.rocklandtrust.com.
About Macton Corporation
Macton Corporation has been engineering, fabricating and installing high quality moving structures for six decades from its offices in Connecticut. From 140-foot diameter turntables and 75 ton lifts, to 95-ton people movers and 55-ton transporters, Macton Corporation is a leader in the rail shop equipment and commercial turntable markets. Rail shop equipment consists of a wide range of products, which allow rail shop personnel to lift, turn, rotate and otherwise move rail vehicles and truck assemblies for inspection and maintenance purposes. Turntables are used in a wide variety of applications including revolving restaurants, security systems, marine cable laying and truck maneuvering.
About TrueNorth Capital Partners LLC
TrueNorth Capital Partners LC www.truenorthcp.com provides corporate advisory services on mergers and acquisitions and restructurings as well as provides valuations primarily to middle market companies. Capitalizing on the vast international M&A and restructuring backgrounds of the founders, the firm provides sophisticated financial advice to middle market clients. TrueNorth’s professionals have built their careers and reputations serving this market and understanding its intricacies. Their skills have been evidenced in hundreds of assignments and they have completed those assignments while always remaining true to their core principles: unwavering commitment to our clients’ best interests and the highest standard of service. TrueNorth conducts its securities-related business through its wholly owned subsidiary TNCP, LLC, member FINRA/SIPC.
