Indianapolis, IN – Square 1 Bank, a diversified financial services company for entrepreneurs and the venture capital community, is pleased to provide a $2.5 million debt facility to Top Ten Imports, LLC, a consumer product marketing company. The credit facility supported the acquisition of the company by Larsen MacColl Partners. Mezzanine financing for the transaction was provided by Penn Mezzanine Partners.
“We are thrilled to be working with Top Ten, Larsen MacColl Partners and Penn Mezzanine,” stated Dan Lee, SVP and Managing Director of Square 1 Bank’s Growth Finance East division. “Through our work with the company, we developed a great deal of respect for Founder, Shawn Hart and the tremendous business he has built at Top Ten, as well as Craig Karasin who recently joined as CEO. In Larsen MacColl Partners and Penn Mezzanine, these outstanding entrepreneurs have found the perfect partners to help take it to the next level.We couldn’t be happier about being part of this exciting growth story.”
Karasin commented, “Partnering with Square 1 Bank and Penn Mezzanine will help us accelerate Top Ten’s growth strategy. Square 1 was able to move this deal through very quickly, and we appreciated their speed and flexibility. This financing will support our efforts to deliver the highest customer service levels, while also funding numerous sales growth initiatives.”
Don Rice, Managing Partner of Penn Mezzanine said, “Penn Mezzanine is very excited to invest in Top Ten Imports with Larsen MacColl and Square 1 Bank. We were extremely pleased with the level of professionalism throughout the diligence process, closing and post-close management. We intend this to be the first of many closings with Larsen MacColl and Square 1 Bank.”
“We are thrilled to have partnered in the future of Top Ten,” stated Todd Marsteller of Larsen MacColl Partners. “The company has had outstanding management, products and distribution partners for years and we are pleased to be adding significant capital to this growth story.”
About Top Ten Imports
Based in Indianapolis, Top Ten Imports, LLC, designs, sources and markets a line of home heating appliances under the iHeater brand name. The Company plans to launch additional consumer products aimed at making personal spaces cleaner or more comfortable.
About Square 1 Bank
Square 1 Bank is a full service commercial bank dedicated exclusively to serving the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion. Square 1's expertise, focus and strong capital base provide solid support for its clients' needs. The bank offers tailored products and solutions aided by the latest in technological innovations. To serve its relationships, Square 1 has offices coast to coast in Austin, Boston, Boulder, Durham, McLean, New York, San Diego, Santa Monica, Seattle, and Silicon Valley. For more information, visit www.square1bank.com.
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