Soaring Pine Capital in downtown Birmingham, a Simon Group Holdings company, today announced through its Soaring Pine Capital Real Estate and Debt Fund II that it closed on a $1.7 million loan to Paramount Industrial Machining Inc. in Farmington Hills.
Paramount Industrial Machining, a supplier of precision component machining for the automotive, industrial, service, and aftermarket business segments, used the proceeds of the loan to acquire three industrial buildings in Oak Park. Paramount was founded and is owned by Maxwell J. Schwartz, who also owns Cincinnati-based Global Manufacturing Industries, which manufactures, distributes, and sells high quality magnetic heads and has significant operations in Razlog, Bulgaria.
Sam Simon, founder and chairman of Simon Group Holdings, says the company’s mission is “to support visionary entrepreneurs and business owners who are looking to expand their operations and to update properties that otherwise may have been shuttered. Maxwell benefited by getting an opportunity to transform a company, preserving the jobs of 30 employees. The city of Oak Park will benefit through the revitalized use of these industrial properties. Simon Group Holdings benefited from our decision to invest in people thus realizing a return on our loan.”
According to Schwartz, “U.S. manufacturing operations are the foundation of our country. I’m looking forward to leading Paramount and helping it grow to new levels while remaining a strategic supplier of choice. I appreciate the support we received from the Soaring Pine Capital team, as well as how quickly we moved to the close.”
Simon Group Holdings was created in 1985 with the founding of Taylor-based Atlas Oil Co. by Simon. The company has interests in comprehensive energy solutions; fuel supply; oil field services; logistics and transportation; real estate investment; private equity; technology services; and turnkey modular solutions. Its growth is fueled by more than 30 years of successful operational entrepreneurship, which has resulted in the creation of three new businesses since 2014, along with significant investments in three additional companies.