Garrington Capital Announces $21 Million Loan Facility to a Texas-based Industrial Contractor
October 11, 2023
Source: Garrington Capital
Garrington Capital (garringtoncapital.com), a leading provider of capital solutions to middle-market companies in the United States and Canada, is pleased to announce the closing of a $21 million senior credit facility to a best in class provider of integrated services and specialty fabrication solutions.
The borrower is a full-service industrial contractor providing a broad array of services to the refining & petrochemical, transmission & terminal, exploration & production, and power generation industries. The company is capable of executing complete project scopes including procurement, fabrication, field construction (Civil, Structural, Electrical & Instrumentation, Mechanical) and project management services. It currently is operating at four locations along the Texas Gulf Coast.
The facility includes a $15 million revolver secured by working capital assets, up to a $4 million term loan secured by equipment and a $2 million capex loan. The borrower used the Garrington facility to refinance certain debt and provide the borrower with working capital to continue to fund its projected growth. The borrower chose Garrington because we were able to provide the various components of their requirements in one facility.
About Garrington:
Garrington Capital US Corp. and its affiliates (collectively, “Garrington”) provide creative investment funding solutions capital lending facilities ranging from $1 million to $30 million to small- and medium-sized companies throughout the US and Canada. Garrington has deployed more than $5 billion since inception1. With offices in Toronto, Chicago, Austin, Houston, and Westport, Garrington has approximately 60 employees2. Garrington’s leadership and investment teams are comprised of experienced, well-seasoned and creative investment and finance professionals They have a shared belief that Garrington is well-positioned to respond to the working capital challenges facing small- and medium-sized enterprises. Garrington strives to support entrepreneurial businesses with practical and creative working capital solutions and aims to be the first call when opportunities arise.
Related Links: www.garringtoncapital.com
1. Funds deployed are based in part upon funds deployed since inception by the predecessor firm to the Garrington Group of Companies Inc., Liquid Capital Corp, which was founded in 1999, as well as the Capital Provider, Next Edge Private Debt LP.
2. As of June 30, 2023, across all companies which form a part of the Garrington Group of Companies Inc
The borrower is a full-service industrial contractor providing a broad array of services to the refining & petrochemical, transmission & terminal, exploration & production, and power generation industries. The company is capable of executing complete project scopes including procurement, fabrication, field construction (Civil, Structural, Electrical & Instrumentation, Mechanical) and project management services. It currently is operating at four locations along the Texas Gulf Coast.
The facility includes a $15 million revolver secured by working capital assets, up to a $4 million term loan secured by equipment and a $2 million capex loan. The borrower used the Garrington facility to refinance certain debt and provide the borrower with working capital to continue to fund its projected growth. The borrower chose Garrington because we were able to provide the various components of their requirements in one facility.
About Garrington:
Garrington Capital US Corp. and its affiliates (collectively, “Garrington”) provide creative investment funding solutions capital lending facilities ranging from $1 million to $30 million to small- and medium-sized companies throughout the US and Canada. Garrington has deployed more than $5 billion since inception1. With offices in Toronto, Chicago, Austin, Houston, and Westport, Garrington has approximately 60 employees2. Garrington’s leadership and investment teams are comprised of experienced, well-seasoned and creative investment and finance professionals They have a shared belief that Garrington is well-positioned to respond to the working capital challenges facing small- and medium-sized enterprises. Garrington strives to support entrepreneurial businesses with practical and creative working capital solutions and aims to be the first call when opportunities arise.
Related Links: www.garringtoncapital.com
1. Funds deployed are based in part upon funds deployed since inception by the predecessor firm to the Garrington Group of Companies Inc., Liquid Capital Corp, which was founded in 1999, as well as the Capital Provider, Next Edge Private Debt LP.
2. As of June 30, 2023, across all companies which form a part of the Garrington Group of Companies Inc
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