Big Shoulders Closes ABL to Fairfield Castings
Big Shoulders Capital announced the closing of a $9 million asset-based loan for Fairfield Castings, one of the largest ferrous foundries in the United States with an annual melt capacity of 190,000 tons. The loan was structured in conjunction with a joint venture partner and Huron Consulting, which is the chief restructuring officer for Fairfield’s owner, Spara.
“Fairfield’s highly motivated management team and skilled workforce of more than 200 employees, combined with long-term customer relationships made this an attractive loan for us,” said Todd DiBenedetto, president of Big Shoulders Capital. “Closing this transaction is a testament to our ability to quickly and accurately value company assets and structure financing that will benefit our client. We are repeatedly able to find funding solutions, even in challenging situations.”
Fairfield Castings is a manufacturer of highly cored iron castings, simultaneously pouring a full range of standard and proprietary ductile and gray iron alloys.