CHICAGO, IL / ACCESS Newswire / March 31, 2026 / O2 Sponsor Finance, a division of Old Second National Bank, today announced that it provided $30 million in senior secured credit facilities to support Borgman Capital's recapitalization of its portfolio company Gilman Cheese Corporation ("Gilman" or the "Company").

Headquartered in Gilman, Wisconsin, Gilman a leading developer, manufacturer and private labeler of premium, high-quality, clean label processed cheeses. Gilman serves a diverse customer base of consumer food companies, gift basket and specialty gourmet producers, deli distributors and institutional distributors.

"We are pleased to support Borgman Capital in its recapitalization of Gilman Cheese. This transaction positions Gilman Cheese for its next phase of growth. We look forward to continuing to support the Company as it executes on its growth initiatives", said Nick O'Brien, Senior Vice President, O2 Sponsor Finance.

About Gilman Cheese Corporation: Headquartered in Gilman, Wisconsin, Gilman Cheese Corporation is a leading manufacturer of premium processed cheeses. The Company specializes in premium quality, shelf stable processed cheese for the gift pack, retail, and airline industry as well as smoked cheese, both natural and processed. Gilman Cheese is the largest employer in the village of Gilman. www.gilmancheese.com

About Borgman Capital: Founded in 2017, Borgman Capital is a private investment firm focused on acquiring successful lower middle market businesses that are poised for growth, and real estate properties with untapped potential. Borgman Capital partners with business owners, management teams, and property owners seeking private equity as a growth or exit strategy. Headquartered in Milwaukee, the firm also has operations in the Twin Cities; Portland, Oregon; and Indianapolis. www.borgmancapital.com

About O2 Sponsor Finance: O2 Sponsor Finance is a national provider of cash flow-based loans to lower middle market businesses with typically $10 to $100 million in revenue and between $2 million and $10 million in EBITDA. O2 Sponsor Finance focuses on supporting private equity sponsors, independent sponsors and family offices in their acquisition or recapitalization of lower middle market companies. www.O2sponsorfinance.com.

About Old Second Bancorp, Inc.: Old Second Bancorp, Inc., headquartered in Aurora, Illinois, is the bank holding company for Old Second National Bank, which celebrated 150 years of operation in 2021. Old Second's common stock trades on The NASDAQ Stock Market under the symbol "OSBC". More information about Old Second is available by visiting the "Investor Relations" section of its website: www.oldsecond.com.

As of December 31, 2025, Old Second has approximately $6.9 billion in assets, $5.6 billion in deposits and $5.2 billion in loans.

Old Second National Bank, Member FDIC.

Contact:

Bradley S. Adams EVP, Chief Operating Officer and Chief Financial Officer (630) 906-5484

SOURCE: Old Second Bancorp Inc.