Charthouse Holdings LLC, a portfolio company of Aquila Equity Partners, recently closed on its acquisition of Pronto Freight Ways, LLC of Taylor, Michigan. Varnum served as counsel to Old National Bank, which served as senior lender in the deal.
Midwest-based Aquila Equity Partners focuses on investing in small companies operating in business and industrial services, health care and value-added distribution and logistics. Pronto Freight Ways provides one-stop service for time sensitive freight, specializing in expedited LTL and TL services and offering same day pickup and delivery support within 150 miles of Detroit and Chicago. Pronto founder Paul Wozniack will continue to serve as president of the company.
Varnum advised the Bank on all legal aspects of this transaction, including structuring, drafting and negotiating the terms and the loan documents, conducting legal due diligence, and addressing issues with the third parties. The Varnum team included Michael Romaya, Elliott Berlin and Matt Shina.
“We’re always pleased to work with Varnum on these types of matters,” said Daniel Zinser, Senior Vice President. “Their knowledge of the banking industry as well as sophisticated M&A transactions provides a high level of confidence and ensures a smooth process for all involved.”