Ox Industries Holding Co, LLC

Company Profile

Ox Industries is privately owned and is one of the country’s largest vertically integrated producers of uncoated recycled paperboard, paper tubes and cores, and specialty packaging products. Its 10 production facilities form an end-to-end recycled paperboard platform that produces more than 200,000 tons annually across tubes and cores, protective packaging, and chipboard sheets for a diversified base of blue-chip customers.

Situation

Facing the upcoming maturity of its existing credit facilities, the Company sought to refinance its debt, simplify its capital structure, and unlock incremental liquidity.

Solution

SSG was retained to conduct a comprehensive financing process, drawing on its deep relationships across the cash flow, asset-based, and equipment lending markets. The transaction required managing several highly interdependent components simultaneously: retiring the Company’s existing senior credit facility, sizing a borrowing base to ensure sufficient availability at closing, addressing outstanding seller financing, and coordinating a concurrent sale-leaseback of a corporate facility. Following a competitive process that generated multiple term sheets, SSG advised the Company in negotiating and securing a $30.0 million asset-based revolving credit facility from PNC Business Credit, alongside a $33.0 million term loan from Post Road Equipment Finance. The combined facilities maximized Ox’s borrowing capacity while providing the flexibility needed to support its long-term growth strategy.