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July 16, 2019

Phoenix Capital Resources Assists Spray Products in Completing a Successful $21.5 Million Refinancing

Philadelphia, PA (July 16, 2019) —- Phoenix Capital Resources (Phoenix Capital), a leading middle market special situations investment bank, acted as the financial advisor and investment banker to Spray Products Corporation (the “Company”) in arranging, structuring, and negotiating a $21.5 million loan package with Fifth Third Business Capital. Proceeds from the financing will be utilized to refinance the Company’s existing credit facilities, fund additional working capital to finance its continued growth and capital expenditures associated with the expansion of its Medina, OH manufacturing and distribution facility.

Spray Products is a leading custom contract manufacturer of aerosol and liquid consumer products. The Company provides its customers with a high level of service throughout all phases of production and its products span a wide range of end uses, including automotive, industrial, institutional, and personal use.

Fifth Third Business Capital, the asset-based lending arm of Fifth Third Bank, provides creative asset-based financing to companies nationwide, primarily with needs related to acquisitions, dividend recapitalizations, growth, debt restructurings, and turnarounds.

Phoenix Capital’s efforts were spearheaded by Michael Jacoby, Senior Managing Director, and Kevin Barr, Director. “The strong interest in financing Spray Products is a testament to its commitment to product innovation and its strong customer relationships. The Company had many refinancing options to choose from, but at the end of the day, the package provided by Fifth Third was the most flexible and competitive,” noted Michael Jacoby of Phoenix Capital

We are delighted to be partnering with the team at Fifth Third, noted Bart Bastian, President and CEO of Spray Products. They took the time to learn about our business and impressed us at every step during the diligence process with their creative approach to financing our business needs. And the team from Phoenix Capital was instrumental in getting this deal across the finish line.”

About Phoenix:

For 30 years, Phoenix has provided smarter, operationally focused solutions for middle market companies in transition. Phoenix Management Services® provides turnaround, crisis and interim management, specialized advisory for both distressed and growth-oriented companies. Phoenix Transaction Advisory Services® provides quality of earnings, operational diligence, Quality of Enterprise®, management/organizational reviews, business integration, sell-side business preparation and other transaction related support. Phoenix Capital Resources® provides seamless investment banking solutions including M&A advisory, complex restructurings, and capital placements. Phoenix Capital Resources is a U.S. registered broker-dealer and member of FINRA and SIPC. Proven. Results.®

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