Recent Successful Refinances
Project Waterway
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Location: Eastern US
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Amount Refinanced: $25 Million
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Annual Revenues: $150 Million
Description
A more than 100-year-old family-owned business serves the marine industry with transportation, equipment, and repair services. The Company owns dry docks and other equipment located throughout the Midwest and Southeast United States, and had consistently generated over $100 million in annual revenues before a decline in 2020 due to COVID-19. Focus Management Group was able to successfully source term debt financing of $25 million to restructure the balance sheet and better align assets and liabilities. This creative structure left the existing ABL lender in place and took advantage of the USDA Cares Act loan program. While it took time, patience, and skill to navigate uncertain and difficult timing and program requirements, the better alignment of the balance sheet gave the company the runway needed to fully recover and prosper after Covid-19.
Project Processor
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Location: Western US
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Amount Refinanced: $100 Million
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Annual Revenues: $180 Million
Description
This Company is a 3rd generation family owned business with a proven track record. It is a predominant processor of its specific crop both in the United States and the world. The refinance of the term debt and additional availability under the line of credit will allow this business to continue to grow and prosper. A combination of lenders allowed FMG to achieve better interest rates, amortization terms, advance rates for the processing facility term debt, and for the line of credit than a single lender would have been able to provide.
Project Aroma
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Location: Midwest US
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Amount Refinanced: $5 Million
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Annual Revenues: $12 Million
Description
The Company required an asset based line of credit secured by its accounts receivable and inventory. The line of credit had to address both seasonal needs and potential growth opportunities in new product lines. Even though the company experienced a sales decline in 2020, the achievability of improved performance in 2021 and the quality of the collateral helped FMG place this credit with a new lender.
Project Breadbasket
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Location: Western US
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Amount Refinanced: $18 Million
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Annual Revenues: $50 Million
Description
The Company requested combined credit facilities secured by real estate property, commercial bakery equipment (plus any new equipment purchases) and accounts receivable. The Company had built a well-diversified portfolio of high profile customer accounts, including the regional locations of leading national fast food and casual dining establishments.
Project GrainWell
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Location: Midwest US
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Amount Refinanced: $15 Million
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Annual Revenues: $5 Million
Description
A successful family-owned corn and soybean producer in the Midwest was seeking a replacement lender for its real estate, equipment and working capital financing. The company has 1,666 acres of prime farmland located in Iowa. Other assets include high quality buildings, equipment, and stored and growing crops inventory.
Project HardHat
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Location: Midwest US
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Amount Refinanced: $65 Million
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Annual Revenues: $41 Million
Description
The Company provides crane services, crane rental, rigging equipment, and heavy hauling needs. The company was seeking a refinance of its existing credit facility secured by equipment and accounts receivable. The new facility refinanced the existing lender, and provided access to additional liquidity.