Great Rock Capital Closes $55 Million Term Loan for AirBoss of America Corp.
Liquidity to Drive Future Growth
WESTPORT, Conn., Dec. 10, 2024 /PRNewswire/ -- Great Rock Capital, an asset-focused commercial finance company specializing in middle market lending, today announced the closing of a $55 million senior secured term loan facility with AirBoss of America Corp. ("AirBoss"), the second largest rubber solutions and custom compounding company in North America. AirBoss (TSX: BOS) (OTCQX: ABSSF) is a publicly traded company on the Toronto Stock Exchange.
The Great Rock Capital term loan, together with the revolving credit facility agented by The Toronto-Dominion Bank, will refinance the company's existing debt. The new term loan facility will leverage the value of their fixed assets to maximize liquidity.
"AirBoss is a world-class platform driven by the company's strong management team and their commitment to innovation via research and development," said Stuart Armstrong, CEO of Great Rock Capital. "This new credit facility will provide them with significantly increased financial flexibility and liquidity to support their strategic growth initiatives, and we look forward to being part of their future success."
About Great Rock Capital
Great Rock Capital is an asset-focused commercial finance company that specializes in serving the needs of middle market companies across the United States and Canada. The Company provides fast, flexible, and creative financing solutions that maximize liquidity and provide growth capital. The senior secured credit facilities offered by the firm range in size from $10MM to $100MM and include working capital, term-heavy, and term-only loan structures not provided by traditional commercial lenders. The firm has significant capital commitments from its partners, a private equity business, and a large institutional investor. To learn more, visit www.greatrockcapital.com.
About AirBoss
AirBoss of America is a diversified developer, manufacturer and provider of survivability solutions, advanced custom rubber compounds and finished rubber products that are designed to outperform in the most challenging environments. Founded in 1989, the company operates through two divisions. AirBoss Rubber Solutions is a North American custom rubber compounder with 500 million turn pounds of annual capacity. AirBoss Manufactured Products is a supplier of anti-vibration and rubber-molded solutions to the North American automotive market and other sectors, and also a global supplier of personal and respiratory protective equipment and technology for the defense, healthcare, medical and first responder communities, through its AirBoss Defense operations. The Company's shares trade on the TSX under the symbol BOS and on the OTCQX under the symbol ABSSF. Visit www.airboss.com for more information.
Great Rock Capital Contact:
Jenn Cronin
Managing Director, Marketing and Business Development
(203) 557- 6277
cronin@greatrockcapital.com
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SOURCE Great Rock Capital
