The DAK Group announced that it has acted as financial advisor to Progressive-Ruesch Machine Company, Inc. in placing its new credit facility and equipment lease with Interchange Bank of Saddle Brook, NJ.

Established in 1947, Progressive Machine of Ringwood, New Jersey, is the nation's leading designer and manufacturer of spooling / traverse winding equipment for use in the plastics, converting, wire and metal industries. Progressive acquired New Jersey-based Ruesch Machinery Company, specializing in the manufacture of coil-to-coil precision slitting lines and converting machines, in May 2003. The combined companies create a significant national market presence in the winding industry. Progressive's banking facilities with a local bank were inadequate to serve Progressive Ruesch post-acquisition. The new credit facility provides the Company with a term loan, a working capital line of credit and an equipment lease.

The DAK Group, located in Rochelle Park, New Jersey is a financial advisor to Progressive-Ruesch Machine Company and initiated this transaction. Mark Williams, Managing Director noted: "The Interchange Bank credit facility will allow Progressive-Ruesch to respond to renewed and healthy national and international markets for its traverse winders and converting machines."