Pace Industries receives $100 million in revolving credit line
Ares Commercial Finance has provided a $100 million senior secured credit facility to Pace Industries LLC, an entity owned by funds and accounts managed by TCW Asset Management Co. and by affiliated funds and accounts of Cerberus Capital Management, L.P. Headquartered in Fayetteville, Arkansas, Pace Industries is one of North America’s largest high-pressure aluminum, magnesium and zinc diecasting companies serving over 400 OEMs/Tier 1 customers.
The credit facility consists of a senior secured revolving line of credit, which will be used to refinance its existing revolving line of credit and for ongoing working capital support.
Strategically located throughout North America, Pace operates a diverse manufacturing footprint with 12 diecasting plants in the U.S. and Mexico, two tool and die shops, two finishing and painting facilities, one plastic injection molding plant, and one machine and fixture building shop.
Pace offers a wide array of services and capabilities to blue-chip household name customers across numerous industries including automotive and trucking, powersports, barbecue grills, recreational vehicles, lawn and garden, lighting, electrical, medical, defense and aerospace. Its value-added solutions include early supplier engineering support and design, post-casting machining and finishing services including shot blasting, impregnation, tumbling, chromating, wet painting, powder coating, polishing and assembly.