Essex Capital Closes $1.5 Million Recapitalization
Essex Capital Group, Inc. (“Essex”), announced today that the firm recently arranged $1.5 million in new financing for Cole Industrial & Technical Supply, Inc., a Tampa-based pipe, valve and fittings distributor.
The funding was provided in the form of an asset-based working capital line of credit from a private specialty finance company. Deal proceeds were used by the company to pay off existing debt and provide operating capital.
Michael V. Torres, President & CEO, commented, “Faced with an existing bank facility that was limiting our line of credit availability, Essex was able to arrange an ABL solution that allowed for a significant liquidity improvement. With the new line, Cole will have the extra capacity to execute our growth plan moving forward. I’d like to take this opportunity to thank the Essex principals for their tenacious efforts on our behalf. The firm was successful in delivering the exact financing indicated up front.”
Robert D. Swain, President of Essex, noted, “With the Cole recapitalization, Essex has once again shown its ability to efficiently structure and execute financing transactions while accomplishing the client’s liquidity objectives. We were pleased to offer Cole this larger line of credit to finance its expansion plans in 33 days from engagement signing to closing.”
Essex Capital acted as Cole’s exclusive advisor in this transaction.
About Essex Capital Group
Essex Capital Group, Inc. is a Tampa, Florida-based corporate finance firm serving small and middle market privately-held companies located throughout the United States. With extensive capital markets experience, Essex provides creative solutions to businesses in need of financial restructuring. Typical advisory services include balance sheet recapitalizations with senior and subordinated debt, as well as introductions to institutional private equity investors. Since inception in 2003, Essex has successfully raised over $275 million in 55 financing transactions. For more information, please visit www.essexcapitalgroup.com or our blog at www.businesscapitalblog.com.
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- Robert D. Swain
- Essex Capital Group, Inc.
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