MINNEAPOLIS & DENVER, Aug 09, 2011 (BUSINESS WIRE) --
U.S. Bank Asset Based Finance announced its role as administrative
agent, joint leader arranger and joint bookrunner for the $265 million
revolving credit facility to finance the acquisition of Animal Health
International, Inc. by Lextron, Inc., two leaders in the animal health
products marketplace. After closing second quarter 2011, Lextron assumed
the Animal Health International name.
"We are pleased to have provided Animal Health International with a
leading asset based financing solution to facilitate this merger," said
Sam Philbrick, president of U.S. Bank Asset Based Finance. "Our industry
expertise and market knowledge made it possible for us to move extremely
quickly in executing this transaction, helping to support the
organization's immediate and longer term goals."
"U.S. Bank has had an outstanding, long term relationship with Lextron,"
said Hassan Salem, president of U.S. Bank in Denver. "Our role in
financing this merger speaks to our commitment to both organizations, as
well as to U.S. Bank's capabilities with regard to transactions of this
size and complexity."
"We appreciate the depth of the U.S. Bank team in assisting us in
financing this strategic acquisition and merger. We view the U.S. Bank
Asset Based Finance group and their counterparts in Denver as a partner
in our growth strategy," said John Adent, president and chief executive
officer of Animal Health International.
About Lextron and Animal Health International
The privately held company operates under the name Animal Health
International, Inc. The combination of these two long-standing companies
creates a premier animal health business with more than 100 years of
combined knowledge and industry expertise.
Lextron, Inc. was established in 1967 by Dr. Bob Hummel as Great Plains
Chemical Company, a distributor of animal health products for the
livestock industry. The name was later changed to Lextron and the
Company grew to three separate operating divisions: Lextron Animal
Health - Lextron Technologies - Precision Logistics. The Company also
operates through several subsidiaries, including Aspen Veterinary
Resources, Ltd., Animal Feed Technologies, LLC, Vet Pharm, Inc. and TW
Medical Veterinary Supply. In the merger, the company acquired Walco
International, Inc. and its divisions, including DVM Resources, Holt
Products, Sunwest Industries and Veterinarian's Outlet.
About U.S. Bank Asset Based Finance
U.S. Bank Asset Based Finance is one of the fastest-growing asset based
lenders providing financing solutions to middle-market and large cap
companies in the United States and Canada. Financing supports working
capital, growth, acquisitions, and turnarounds across a wide spectrum of
manufacturers, distributors, service providers and retailers. Please
visit us on the web at www.usbank.com/abf.
About U.S. Bancorp
U.S. Bancorp (NYSE: USB), with $321 billion in assets as of June 30,
2011, is the parent company of U.S. Bank, the fifth largest commercial
bank in the United States. The company operates 3,086 banking offices in
25 states and 5,086 ATMs and provides a comprehensive line of banking,
brokerage, insurance, investment, mortgage, trust and payment services
products to consumers, businesses and institutions. U.S. Bancorp and its
employees are dedicated to improving the communities they serve, for
which the company earned the 2011 Spirit of America Award, the highest
honor bestowed on a company by United Way. Visit U.S. Bancorp on the web
SOURCE: U.S. Bancorp
U.S. Bank Asset Based Finance
Elizabeth Parra, 415-925-4739
U.S. Bank Public Relations
Amy Frantti, 612-303-0733