Essex Arranges Wayne Oil Recap
Essex Capital Group closed a $4.73 million debt recapitalization for Wayne Oil Company, a privately held wholesale petroleum product supplier and retail gas and convenience store chain operating under the Ballpark Stores brand name.
Essex successfully arranged a new SBA 7(a) facility through a southeastern commercial bank that was secured by company assets.
The new debt structure allowed the company to substantially reduce monthly debt service while providing additional working capital to support operations and growth opportunities.
John C. Strickland, Wayne Oil’s Chairman, commented, “In the 76 year old history of our family owned business, a family member has typically been in the leadership role of financing or refinancing initiatives. Today’s financing dictates that you engage with professionals that understand your company’s needs and also what will provide the most long term benefit for the company. Bob and Rob have been extremely instrumental and effective in our recent refinance and it is doubtful we could have achieved the outcome we achieved without their assistance, and in an unusual business and economic climate too.”
Wayne Oil Company is a privately held wholesale petroleum product supplier and retail gas and convenience store chain operating under the Ballpark Stores brand name.