Essex Capital Arranges $3,150,000 Recapitalization
Tampa, Florida - Essex Capital Group, Inc. (“Essex”), announced today that the firm recently acted as exclusive corporate finance advisor for Spevco, Inc. (“Spevco” or “the Company”), coordinating a balance sheet recapitalization through a new, $3,150,000 commercial mortgage on the Company’s owner-occupied real estate.
Spevco, a North Carolina-based “special vehicles company,” began operations in 1973 to restore vintage automobiles. Today, its business has evolved as a single-source provider of custom-made vehicles for marketing exhibits, training vehicles, medical care, and entertainment. The Company’s units are sold to varying industries, from marketing units for NASCAR to mobile medical units used for FEMA hurricane response situations.
Essex organized a real estate refinancing and worked with the Company’s existing bank on a pay down and restructuring of its bank debt as a part of the deal.
Marty Tharpe, President and CEO of Spevco, commented, “These guys from Essex Capital took me to school on getting financing! They were there to negotiate and offer good solid advice during the entire process. I am certain that I got the best possible result because I had them on my team! Thank you Bob and Rob for being examples of honorable business men.”
Essex Capital President, Robert D. Swain, added, “It was a true pleasure to work with Marty Tharpe and his team as they continue to build on an almost 40 year track record of success. We were pleased to structure the recapitalization, allowing the company to continue its healthy growth path innovating and manufacturing custom-made vehicles for multiple applications and industries.”
Essex Capital acted as Spevco’s exclusive advisor in this transaction.
About Essex Capital Group Essex Capital Group, Inc. is a Tampa, Florida-based corporate finance advisory 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 $325 million in 60+ financing transactions.
- Contact Information
- Robert D. Swain
- Essex Capital Group, Inc.
- (1) 813-837-3500
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