Boston, March 7th, 2018


Crystal Financial LLC announced the closing of a $25.0 million Senior Credit Facility for Standard Diversified Opportunities Inc. (“SDOI”).


SDOI is a publicly-traded holding company (OTCPK: SDOIA), which invests directly in middle-market operating businesses.  To date, the Company’s investments include: a majority stake in Turning Point Brands (NYSE: TPB); an out-of-home advertising business with assets in Texas, Alabama, Florida and Georgia; and ownership of Maidstone Insurance Company, an auto, personal property and casualty insurance business, based in NY.


Proceeds from the financing will be utilized for further strategic acquisitions of operating businesses.

“We believe there are ample opportunities to make attractive investments in this market. Yet our ability to do so is, in part, dependent on a financing partner that understands our investment thesis and vision.  Crystal Financial took a thoughtful approach to generate liquidity from our portfolio companies and created a loan structure designed to provide us with both flexibility and access to capital for future acquisitions,” said Greg Baxter, Executive Chairman, SDOI.


Ian Estus, SDOI’s President and CEO, added, “The SDOI platform provides a unique opportunity to acquire operating businesses using long-term capital vs. a traditional fund structure.  Crystal Financial quickly demonstrated an ability to understand the value of our assets and provide financing that aligned with our business. We are excited to be working with the Crystal team as we pursue additional acquisitions.”


Cheryl Carner, Senior Managing Director of Crystal Financial said, “SDOI has established an investment platform, consisting of a diversified group of middle-market operating businesses across consumer products, outdoor advertising and insurance.  We look forward to a long-term partnership with the SDOI team and facilitating continued diversification.”


About Crystal Financial LLC


Crystal Financial LLC, a portfolio company of Solar Capital Ltd. is an independent commercial finance company that provides senior and junior secured loans for both asset-based and cash flow financings (minimum of 10 million in fundings) to middle-market companies. Its team of experienced, responsive professionals has underwritten, closed and managed more than $20 billion in secured debt commitments across a wide range of industries. For more information please visit


About Standard Diversified Opportunities Inc.


Standard Diversified Opportunities Inc. is a holding company that owns and operates subsidiaries in a variety of industries, including insurance, other tobacco products and outdoor advertising.  For more information about the Company, please visit the Company’s website at




Cheryl Carner, Managing Director




Adam Prior
The Equity Group Inc.
Phone: (212) 836-9606