Essex Arranges $4.73 Million Recapitalization
Essex Capital Group, Inc. (“Essex”), announced the closing of a $4,730,000 debt recapitalization for Wayne Oil Company, Inc., (“Wayne Oil” or the “Company”), a privately-held wholesale petroleum product supplier and retail gas and convenience store chain operating under the Ballpark Stores brand name.
Essex successfully arranged a new SBA 7(a) credit facility through a southeastern commercial bank that was secured by Company assets.The new debt structure allowed the Company to substantially reduce monthly debt service while providing additional working capital to support operations and growth opportunities.
John C. Strickland, Wayne Oil’s Chairman, commented, “In the 76 year old history of our family owned business, a family member has typically been in the leadership role of financing or refinancing initiatives. Today’s financing dictates that you engage with professionals that understand your company’s needs and also what will provide the most long term benefit for the company. Bob and Rob have been extremely instrumental and effective in our recent refinance and it is doubtful we could have achieved the outcome we achieved without their assistance, and in an unusual business and economic climate too.”
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 $450 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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