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South Franklin Street Partners Provides Senior Subordinated Debt to MC Assembly, Inc.
Cleveland, Ohio (April 15, 2003) -- South Franklin Street Partners’ (previously Candlewood Partners') ESOP Mezzanine Fund (ACP-I L.P.) closed its first investment, providing subordinated debt (with detachable warrants) to MC Assembly, Inc., a rapidly growing manufacturer and assembler of specialty printed circuit boards to niche markets.
 MC Assembly, headquartered in Melbourne, Florida, has annual revenues in excess of $120 million and employs over 800 people. The Company will use the capital raised from this recapitalization to form a new Employee Stock Ownership Plan (ESOP) owning 30% of the company, fund its growth, and refinance existing debt.
South Franklin Street partnered with Key Principal Partners, an investment affiliate of one of its limited partners, KeyCorp, to provide the $11 million of subordinated debt. LaSalle Bank, the Agent for the senior lenders, combined with SunTrust Bank to provide the senior debt for the transaction.
About South Franklin Street Partners
South Franklin Street Partners, through its mezzanine fund, ACP-I, L.P., is in the business of investing junior capital in middle market companies with annual revenues between $10 million to $150 million. ACP-I utilizes its capital to fund buyouts of minority or majority shareholders, ESOPs, non control recapitalizations, generational transfers, acquisitions, or to facilitate the growth of profitable middle market businesses. ACP-I's target investment size is $2 million to $10 million but can provide additional capital in conjunction with affiliated investors. ACP-I normally invests subordinated debt with warrants or preferred stock with an equity participation feature. Other structures will be considered, where appropriate.
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