CHICAGO, IL / ACCESS Newswire / February 20, 2025 / O2 Sponsor Finance, a division of Old Second National Bank (NASDAQ:OSBC), today announced that it provided senior secured credit facilities to support Mangrove Equity Partners ("Mangrove") in its acquisition of A&R Sealcoating LLC ("A&R"), a Southeast Michigan-based leading provider of pavement repair and maintenance solutions.
Founded in 1985 by Rocky Ricelli and headquartered in Waterford, Michigan, A&R is a leading provider of maintenance and repair pavement solutions for commercial and residential end markets. Since its founding, A&R has grown to become Michigan's largest pure pavement maintenance provider, offering asphalt sealcoating, asphalt patching, joint and crack sealing, striping, and concrete repair services to a diverse and highly recurring base of customers.
"We are pleased to partner with Mangrove and the A&R Sealcoating team for this transaction. A&R is a market leader with a comprehensive service offering and expertise in pavement maintenance and repair in Michigan. We look forward to supporting Mangrove as they execute on the Company's strategic growth plan," said Nick O'Brien, Senior Vice President, O2 Sponsor Finance.
About Mangrove Equity Partners: Founded in 2006, Mangrove Equity Partners, LP is a lower-middle market investment firm based out of Tampa, Florida. Mangrove strives to deliver uncommon value to its partners, including business owners, management teams, employees and the intermediaries who help bring them together. The Mangrove team draws on their genuine and deep operational experience, extensive investment history, respect for people and culture and commitment to doing the right thing to help create positive outcomes for everyone involved. Mangrove pursues investments in a broad range of industries, with a particular emphasis and past success in industrial and business-to-business services, niche manufacturing and enthusiast consumer products. For more information, please visit www.mangroveequity.com.
About O2 Sponsor Finance: O2 Sponsor Finance is a national provider of cash flow-based loans to lower middle market businesses with typically $10 to $100 million in revenue and between $2 million and $10 million in EBITDA. O2 Sponsor Finance focuses on supporting private equity sponsors, independent sponsors and family offices in their acquisition or recapitalization of lower middle market companies. www.O2sponsorfinance.com.
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.
As of December 31, 2024, Old Second has approximately $5.6 billion in assets, $4.8 billion in deposits and $4.0 billion in loans.
Old Second National Bank, Member FDIC
Contact:
Bradley S. Adams EVP, Chief Operating Officer and Chief Financial Officer (630) 906-5484
SOURCE: Old Second Bancorp Inc.
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