Essex Advises Spevco in $3.15 Million Recap Financing
Essex Capital Group, Inc. announced that the firm recently acted as exclusive corporate finance advisor for Spevco, Inc., coordinating a balance sheet recapitalization through a new, $3.15 million commercial mortgage on the company’s owner-occupied real estate.
Spevco, a North Carolina-based “special vehicles company,” began operations in 1973 to restore vintage automobiles. Today, its business has evolved as a single-source provider of custom-made vehicles for marketing exhibits, training vehicles, medical care and entertainment. The company’s units are sold to varying industries, from marketing units for NASCAR to mobile medical units used for FEMA hurricane response situations.
Essex organized a real estate refinancing and worked with the company’s existing bank on a pay down and restructuring of its bank debt as a part of the deal.
Marty Tharpe, president and CEO of Spevco, commented, “These guys from Essex Capital took me to school on getting financing! They were there to negotiate and offer good solid advice during the entire process. I am certain that I got the best possible result because I had them on my team! Thank you Bob and Rob for being examples of honorable business men.”
Essex Capital president, Robert D. Swain, added, “It was a true pleasure to work with Marty Tharpe and his team as they continue to build on an almost 40-year track record of success. We were pleased to structure the recapitalization, allowing the company to continue its healthy growth path innovating and manufacturing custom-made vehicles for multiple applications and industries.”
Essex Capital Group, Inc. is a Tampa, Florida-based corporate finance advisory firm serving small and middle-market privately held companies located throughout the United States.