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North Avenue Capital Closes $9M USDA Loan With SB Manufacturing

PONTE VEDRA, FL--(Marketwired - September 26, 2016) - North Avenue Capital, LLC (NAC), a specialized commercial lender, announced today the closing of a $9 million loan for SB Mfg, LLC ("SB"), a Dade City, Fla. aluminum automotive wheel manufacturer. NAC Commercial Lender, Drew Louis, led the project. According to Louis, "North Avenue Capital is pleased to partner with SB to support their deep commitment to the resurgence of U.S. manufacturing. SB's leaders are savvy and sophisticated businessmen competing head-to-head with China. They understand the industry on a global scale and are restoring jobs for hard working Americans." Louis added, "We're honored to stand with SB as they pursue their vision to become a premier global manufacturer of after-market wheels." NAC originated, underwrote, and funded the loan through the USDA Rural Development Business & Industry program.

SB brings a broad background of experience in aluminum collection and production, and is a leading U.S. manufacturer serving the automotive after-market and original equipment manufacturer (OEM) parts industry. Backed by an exclusive licensing contract with NASCAR®, SB is creating jobs in America while products are made from 100 percent scrap aluminum, making them a significant metal recycler. According to Michael Bloch, President at SB, finding the right firm to help reorganize their capital structure was key to freeing up the business to focus on execution. "NAC has become a great partner and SB remains dedicated to producing high-quality wheels made exclusively here at home in the USA," said Bloch.

NAC Chief Executive, Ben Chatraw, added, "One of NAC's core competencies is manifested in our ability to properly structure, even simplify, a company's capital stack through one of our loans. In this case, the NAC loan reduced our debt service by 75 percent, allowing the company to invest in more equipment and more American jobs."

NAC's loans focus on lower middle market growth opportunities to develop local economies outside of major metropolitan areas. SB meets the requirement and is bringing skilled jobs to rural Florida and recycling significant amounts of aluminum along the way.

About North Avenue Capital, LLC
North Avenue Capital is a specialized commercial lender exclusively originating, underwriting, and funding USDA Rural Development loans nationwide, using its expertise, capital, and relationships to build businesses, grow economies, and create jobs in rural America. Visit the website at www.northavenuecap.com.

About SB Mfg, LLC
SB Mfg, LLC has built the only 100 percent scrap-dependent facilities in the world and produces replacement and after-market aluminum automobile wheels. Based in Dade City, Fla, SB's state-of-the-art factory represents the best in forward-thinking, precision manufacturing, and optimal functionality. The industry-defining design, engineering, production, and marketing of alloy wheels for the global after-market and OE replacement market are unrivaled. Visit the website at http://www.sbwheelmfg.com/.