Essex Closes $10.0 Million Term Debt Capital Raise
Essex Capital Group, Inc. (“Essex”), announced today that the firm recently arranged a $10,000,000 term debt capital raise for Cornerstone Industrial Minerals Corporation, U.S.A. (“Cornerstone” or the “Company”), a Lakeview, Oregon, privately held company engaged in the mining, processing and marketing of perlite. Cornerstone’s perlite is predominantly used in building construction products and horticultural applications.
The principals at Cornerstone hired Essex to complete a balance sheet recapitalization that resulted in a refinancing of an existing SBA facility and other corporate debt, allowed for the purchase and upgrade of equipment, and also provided substantial additional capital for this high growth business.
Bruce Addington, Cornerstone President, commented, “The expanding market for perlite in hydroponics has created a great growth opportunity for Cornerstone and we needed to expand our mine capacity to take advantage. To do that required new capital and we turned to Bob and Rob at Essex Capital to solve the problem. They came up with a creative solution for raising debt that will enable us to meet all of our growth objectives for many years to come.”
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 raised in excess of $625 million for 120+ corporate finance clients.
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- Contact Information
- Robert Swain
- Essex Capital Group, Inc.
- (1) 8138373500
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