Key Takeaways
- White Oak Commercial Finance (WOCF) arranged a $550 million asset-based revolving credit facility for Wilbur-Ellis Holdings II, LLC.
- WOCF committed $200 million as Sole Left Lead Arranger; other participants include SLR Credit Solutions, Ares Management, MidCap Financial, and Gibraltar Business Capital.
- The facility is part of a broader nearly $1 billion recapitalization and capital raise.
- The financing is designed to enhance liquidity and provide operational flexibility for Wilbur-Ellis.
- The transaction reflects WOCF’s continued focus on non-bank ABL solutions for industrial and distribution sectors.
White Oak Commercial Finance Arranges Key Facility for Agricultural Distribution Leader
White Oak Commercial Finance leads $550 million revolving credit facility as part of broader recapitalization
White Oak Commercial Finance (WOCF), an affiliate of White Oak Global Advisors, has announced its role in arranging a $550 million asset-based revolving credit facility for Wilbur-Ellis Holdings II, LLC. Wilbur-Ellis, a privately held and family-owned company, operates across the North American agriculture supply chain through its retail, wholesale, and distribution businesses.
White Oak Commercial Finance served as Sole Left Lead Arranger and committed $200 million to the financing. The facility forms a component of a larger recapitalization and capital raise totaling nearly $1 billion. Lazard served as financial advisor to Wilbur-Ellis during the transaction.
Multi-Lender Syndicate Supports Strategic Flexibility
Facility includes commitments from SLR Credit Solutions, Ares, MidCap, and Gibraltar
Alongside WOCF, the asset-based lending (ABL) syndicate includes SLR Credit Solutions as Joint Lead Arranger, with Ares Management Credit funds and MidCap Financial acting as Joint Bookrunners. Gibraltar Business Capital also participated.
The structure of the facility is designed to offer Wilbur-Ellis increased liquidity and the seasonal flexibility needed to support its long-term strategic objectives, particularly in the context of rising import-related costs and supply chain pressures.
“The agriculture sector is essential to our country’s economic growth and security,” said Tom Otte, CEO of WOCF. “It was critical for us to work closely with the Company and Lazard to come up with a unique structure that provides the Company with the seasonal flexibility and liquidity they need throughout the year.”
Transaction Highlights Role of Non-Bank Lenders
White Oak Commercial Finance emphasizes evolving space for large-scale asset-based lending
The transaction highlights a growing role for non-bank lenders in large-scale asset-based financing. According to Kevin Cox, Head of Capital Markets for WOCF, “Closing a deal of this size and complexity shows just how far non-bank ABL has moved into a space historically dominated by the banks.”
WOCF views this financing as part of its broader strategy to provide flexible capital solutions to companies across industrial, manufacturing, and distribution sectors in the U.S., Canada, and the U.K. The firm recently announced a similar $125 million facility with a U.S.-based energy services company.
White Oak Commercial Finance’s Strategic Funding to Support Agricultural Supply Chain
Wilbur-Ellis to use facility to advance long-term goals
The asset-based revolving credit facility will support Wilbur-Ellis in its ongoing efforts to strengthen its position in the agriculture supply chain and respond to evolving economic conditions. The company is expected to benefit from the increased liquidity and tailored capital structure as it advances its strategic growth initiatives.
