Crystal Financial LLC today announced the completion of a $20.0 million
Senior Credit Facility for Stone Road Energy (“SRE”). Headquartered in
Bridgeton, ME, SRE is a leading provider of fuel delivery services for
both the residential and commercial markets in Maine, Vermont, and New
Hampshire. SRE offers a variety of heating products including oil,
kerosene, diesel, and propane. In addition, they provide equipment
maintenance and repair services.
Proceeds from this facility will be used to refinance existing debt and
build upon SRE’s proven track record of acquiring, integrating, and
building on solid foundations.
“A core component of our investment thesis is to consolidate this highly
fragmented industry and therefore having a reliable source of capital to
facilitate acquisitions is critically important. Crystal differentiated
themselves and stepped up to execute this financing in a very expedited
time frame. We are excited to be working with a group of such high
caliber professionals,” said Bill Overbay, Partner, Stone Road Capital
Partners.
Kenny Smith, Director of Crystal Financial said, “Since its initial
acquisition in 2014, the Stone Road Capital team has made significant
progress with their strategy. We are delighted to be able to facilitate
the continued growth of one of the leading heating distribution and
servicing platforms in the Northeast.”
About Crystal Financial LLC
Crystal Financial LLC, a portfolio company of Solar Capital Ltd. is an
independent commercial finance company that provides senior and junior
secured loans for both asset-based and cash flow financings (minimum of
10 million in fundings) to middle-market companies. Its team of
experienced, responsive professionals has underwritten, closed and
managed more than $20 billion in secured debt commitments across a wide
range of industries. For more information please visit www.crystalfinco.com.
About Stone Road Energy
Stone Road Energy is a full service retail heating oil and propane
supplier for residential and commercial customers. Our portfolio
consists of multiple brands in many regions, as we acquire local
companies we retain their brand identity and presence in the communities
they have served for many generations
www.stoneroadenergy.com
About Stone Road Capital Partners
Stone Road Capital Partners is a private investment firm that
specializes in the acquisition of private middle-market businesses and
partners with corporate leadership to build companies of extraordinary
value. We specialize in the acquisition of and investment in private
middle market businesses. Typically, we only invest in companies where
we have deep domain expertise and can add significant value. We strive
to be a true partner and sounding board to management and not a hurdle
on the track,
Our goal is to work with management teams to take industry leading
companies and build them into world class organization; that takes time
and patience, resulting in significant value for shareholders and
management teams.
www.stone-roadcap.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20180206005115/en/
Copyright Business Wire 2018
Source: Business Wire
(February 6, 2018 - 5:00 PM EST)
News by QuoteMedia
www.quotemedia.com
