First Capital Provides $7.5MM Facility to Crash Rescue Equipment
First Capital said it provided a $7.5 million revolving line of credit to Crash Rescue Equipment Service, a remanufacturer of high-end fire and rescue trucks. The senior credit facility consists of a $6 million working capital revolver collateralized by accounts receivable and inventory and a term loan in the amount of $1.5 million.
“The First Capital team was responsive and quickly put together a tailored package that will help us reach our projected growth,” remarked Kevin Ashton, CEO of Crash Rescue. “In just a short period of time, they proposed and completed a financing package that we believe will meet our needs now and provide capital for future growth.”
“First Capital is pleased to have been in a position to tailor a financing program for the ownership team at Crash Rescue,” remarked Chris Gouskos, vice president and head of Business Development for the Texas Market of First Capital’s ABL Central Region. “The company has a strong history of providing quality products and service to its customers throughout the country and we are looking forward to a long and successful relationship with the management team.”
This transaction will be serviced by First Capital’s ABL Central Region managed by John Curtis, EVP and ABL central region manager.