Case Summary: Standard Diversified

Standard Diversified

$25 million Senior Term Loan


Standard Diversified Opportunities, Inc. (OTCPK: SDOIA) is a publicly-traded holding company. To date, the Company’s investments include: a majority ownership stake in Turning Point Brands (NYSE: TPB), outdoor advertising assets in Texas, Alabama, Florida and Georgia and Maidstone Insurance, an auto, personal property and casualty insurance entity based in NY.


With the transformation of SDOI, after the acquisition of the TPB stock, management sought a financial partner who could creatively structure a debt facility by leveraging the individual assets of the holding company and thereby create liquidity to fund future acquisitions.


Crystal provided a $25,000,000 term loan to support the initial outdoor advertising acquisitions in addition to a committed delayed draw term loan to provide capital for future acquisitions.