O2 Sponsor Finance Provides Senior Secured Credit Facilities to Support Encore Consumer Capital in its Acquisition of Chalet Desserts
Rhea-AI Summary
O2 Sponsor Finance, a division of Old Second National Bank (NASDAQ: OSBC), has announced the provision of senior secured credit facilities to support Encore Consumer Capital in acquiring Chalet Desserts. The announcement, made on July 9, 2024, highlights Chalet Desserts as a specialty manufacturer of frozen bakery desserts based in Sacramento, CA. Chalet’s products are distributed through supermarkets, convenience stores, and foodservice markets. Nick O'Brien, Senior VP at O2 Sponsor Finance, expressed enthusiasm about supporting Chalet's growth, acknowledging its leading category position, manufacturing capabilities, and strong management team.
AI-generated analysis. Not financial advice.
Positive
- Provision of senior secured credit facilities by O2 Sponsor Finance supports strategic acquisitions.
- Chalet Desserts is recognized as a category leader with extensive manufacturing capabilities.
- Partnership is expected to foster growth for Chalet Desserts.
Negative
- Potential financial strain from providing senior secured credit facilities.
News Market Reaction – OSBC
On the day this news was published, OSBC gained 1.52%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
CHICAGO, IL / ACCESSWIRE / July 9, 2024 / O2 Sponsor Finance, a division of Old Second National Bank (NASDAQ:OSBC), today announced that it provided senior secured credit facilities to support Encore Consumer Capital ("Encore") in its acquisition of Chalet Desserts ("Chalet").
Based in Sacramento, CA, Chalet is a specialty manufacturer of frozen bakery desserts and baked good inclusions that are sold into the in-store bakery at supermarkets and convenience stores as well as foodservice and ingredient end-markets.
"We are excited to support Encore Consumer Capital's acquisition of Chalet. Chalet is a category leader with extensive manufacturing capabilities and an impressive management team. We look forward to supporting Chalet's growth. " said Nick O'Brien, Senior Vice President, O2 Sponsor Finance.
About Chalet Desserts: Chalet, based in Sacramento, CA, is a specialty manufacturer of frozen bakery desserts and baked good inclusions that are sold into the in-store bakery at supermarkets and convenience stores as well as foodservice and ingredient end-markets. For more information, please visit: www.chaletdesserts.com.
About Encore Consumer Capital: Encore Consumer Capital is a private equity investment firm focused on the consumer products industry. The firm has raised over
About O2 Sponsor Finance: O2 Sponsor Finance is a national provider of cash flow-based loans to lower middle market businesses with typically
About Old Second Bancorp, Inc.: Old Second Bancorp, Inc., headquartered in Aurora, Illinois, is the bank holding company for Old Second National Bank, which celebrated 150 years of operation in 2021. Old Second's common stock trades on The NASDAQ Stock Market under the symbol "OSBC". More information about Old Second is available by visiting the "Investor Relations" section of its website www.oldsecond.com.
Old Second National Bank, Member FDIC, was recently named number one among "Best Bank in Illinois 2021." This was the second straight year the bank was selected by customers for the award. Awards are determined based on a survey of over 25,000 U.S. customers who rate banks on overall satisfaction as well as trust, terms and conditions, branch services, digital services and financial advice.
As of March 31, 2024, Old Second has approximately
Contact:
Bradley S. Adams EVP, Chief Operating Officer and Chief Financial Officer (630) 906-5484
SOURCE: Old Second Bancorp Inc.
View the original press release on accesswire.com