SOURCE: Amalgamated Bank

Amalgamated Bank

March 09, 2010 11:30 ET

Amalgamated Capital Leads Senior Financing for Lineage Capital's Investment in Bioreclamation, Inc.

NEW YORK, NY--(Marketwire - March 9, 2010) -  Amalgamated Capital (AmalCap), a recently formed division of Amalgamated Bank, announced today that it served as Lead Arranger and Administrative Agent for a $12.5 million senior secured credit facility to support growth and acquisitions in connection with the recapitalization of Bioreclamation, Inc. by management and Lineage Capital, LLC. AmalCap provides senior cash flow financings to facilitate investments made by private equity sponsors in high quality, lower middle market companies.

Long Island-based Bioreclamation is a worldwide provider of biological research materials to life science and pharmaceutical companies. Lineage Capital is a Boston-based private equity partnership with $160 million of capital under management.

"This transaction is a great example of the type of relationship we value," said Timothy Clifford, Executive Vice President and Head of Amalgamated Capital. "Our team has worked with Lineage in the past, and together we were able to put together a financing that met their needs, as well as those of Bioreclamation. The success of the transaction was really driven by our team's ability to understand Bioreclamation's business and to move quickly to arrange a facility that met their objectives."

"Amalgamated Capital proved to be a flexible and dependable partner," said Kenneth Gatz, Co-Chief Executive Officer of Bioreclamation. "Their team was great to work with, and they grasped the essentials of our business quickly. Based on their work to date, we're very confident AmalCap is the right financing partner for us as we move forward."

"It was a pleasure once again to work with Tim and his team," commented T. Brook Parker, a founding partner at Lineage Capital. "As in the past, they displayed great flexibility in working with us to tailor a financing structure that met our needs. They did a terrific job and we recommend them highly."

About Amalgamated Capital
Amalgamated Capital (AmalCap), founded in September, 2009, is the new specialty leveraged finance division of Amalgamated Bank; a New York City-based and privately-owned commercial bank with $4.5 billion in assets. AmalCap seeks to create strong long-term partnerships with private equity sponsors and focuses exclusively on providing senior cash flow financings to support investments in high quality, lower middle-market companies. Its borrowers operate in a diverse array of industry sectors and generally have annual revenue ranging from $10 million to $150 million and EBITDA of $3 million to $15 million.

AmalCap offers a wide range of financing products including revolving lines of credit, senior cash flow term loans and stretch financings along with best-in-class cash management services provided by Amalgamated Bank. AmalCap's streamlined approach to financing involves a responsive approval process tailored to meet the time-sensitive needs of our private equity partners. Its financing activity is supported by traditional long-term capital provided by the deposit base of Amalgamated Bank. This stable source of funding gives AmalCap a lending capacity that provides flexible financing solutions tailored to fit a transaction's unique needs and the patience and dependability to be a trusted partner. Visit AmalCap on line at www.amalcap.com.

Amalgamated Bank, established in 1923 by the Amalgamated Clothing Workers of America, continues the progressive traditions of its founders as the only union-owned bank in the United States. Chartered by New York State, Amalgamated Bank is an FDIC insured commercial bank. The Bank's corporate divisions -- in addition to Amalgamated Capital -- include Retail Banking, Institutional Asset Management and Custody, Commercial Banking, and Real Estate Finance. The Bank's website is www.amalgamatedbank.com.

About Bioreclamation
Bioreclamation, Inc., based in Westbury, NY, is a worldwide provider of biological products to life science and pharmaceutical companies. It specializes in control and disease state matrices, which are used in drug discovery, compound development, clinical and research diagnostics. Bioreclamation's products enable scientists and biomedical researchers to better understand the pharmacokinetics and drug metabolism of newly discovered compounds and the effects on disease processes. Visit www.bioreclamation.com.

About Lineage Capital
Lineage Capital, LLC is a Boston-based private investment firm with an exclusive focus on owner-managed and family-controlled businesses. Its unique partnership model enables owners to realize substantial liquidity at closing yet retain board control and a meaningful investment in their companies. It seeks to partner with owner-managers who value the support of an experienced investor in pursuing a successful growth strategy for their businesses. Visit www.lineagecapital.com.

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