Phoenix IB Assists in Pathward’s $10MM Loan Package to Congoleum

Phoenix IB, a part of J.S. Held, a middle-market special situations investment bank and independent licensed broker-dealer under federal and state securities law, acted as the financial advisor and investment banker to Congoleum Acquisition in arranging, structuring and negotiating a $10 million loan package with Pathward. Proceeds from the financing will be utilized to refinance the company’s existing credit facilities, and fund additional working capital to finance its continued growth.

Congoleum is a manufacturer of flooring products. It has a 135 year history of design, quality and innovation, which makes it the brand of choice for homeowners, designers and specifiers.

Pathward is a federally registered financial institution with a full suite of banking products and services. It provides creative asset-based financing to companies nationwide, primarily with needs related to acquisitions, dividend recapitalizations, growth, debt restructurings and turnarounds. 

The transaction was spearheaded by Steven Warsaw and Steven Rosenblum of Phoenix IB, which worked in collaboration with Phoenix Management Services in advising Congoleum throughout the process.

“The strong interest in financing Congoleum is a testament to its commitment to product innovation, its strong customer relationships and its rich history. The company had many refinancing options to choose from, but at the end of the day, the package provided by Pathward was the most flexible and competitive,” Michael Jacoby, a Senior Managing Director of Phoenix Management Services, said.

“We are delighted to be partnering with the team at Pathward,” Chris O’Connor, CEO of Congoleum, said. “They took the time to understand our business and our financing needs and structured a financing package that met our immediate needs and provides flexibility for growth and future financing. And the team from Phoenix IB was instrumental in getting this deal across the finish line.”