Essex Capital Arranges $6.75 Million Recapitalization
Essex Capital Group, Inc. (“Essex”), announced the closing of a $6,750,000 debt recapitalization for Century Everglades, LLC, (“CE” or the “Company”), a privately-held building products manufacturer and distributor based in Homestead, Florida.
As a part of the restructuring, Essex was successful in putting together a comprehensive debt solution that involved two specialty finance companies. The asset-based line of credit included traditional advance rates on AR and inventory, as well as term debt pieces on the company headquarters building and two parcels of vacant land. Separately, Essex also arranged for a sale-leaseback on the company’s existing equipment.
The new debt structure allowed the Company to reduce their cost of capital by 50% while providing additional working capital to support operations and growth opportunities.
Ovi Vento, CE’s President, commented, “We feel the Swains really understood the company’s past, present and future needs; they were determined to deliver what Everglades needed. Their leadership, counsel and expertise helped us navigate a complex refinancing of our debt, bringing much needed liquidity to our company. Additionally, this deal cut our cost of capital by more than 50%. This partnership will be essential as we continue to grow our company. The Swains, or as we like to call them, Uncle Bob and Cousin Rob, are now considered part of the Everglades Family.”
Essex Capital acted as the Company’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. Since inception in 2003, Essex has successfully arranged in excess of $400 million for its corporate finance clients.
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- Contact Information
- Robert D. Swain
- Essex Capital Group
- (1) 813-837-3500
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