AloStar Finances $14.5MM to Patriot Environmental
AloStar Business Credit provided $14.5 million in financing for Patriot Environmental Services. The financing includes a $6 million revolving line of credit and an $8.5 million term loan with mezzanine capital provided by Seacoast Capital.
“Patriot is a prime example of a company that has found a niche, developed a strong infrastructure and is now ready for expansion,” said Andy McGhee, president of AloStar Business Credit. “We are proud to partner with Patriot and support them as they continue to grow.”
Patriot’s specialties and equipment include: oil spill response equipment for on-land and on-water resources; site remediation, excavation, loading and transportation equipment; transportation and temporary storage equipment for liquids, solids and bulk materials; and salvage and decontamination for equipment and personnel.
Long Beach, CA-based Patriot was founded in 2002 by Tom Scranton. Patriot is a privately-owned company in emergency response, industrial service, and transportation and disposal of hazardous and non-hazardous material for oil and gas companies, utilities and industrial clients in California.