First Capital Provides $9 Million Credit Facility To Omni Valve
First Capital provided a $9 million Asset-Based credit facility to Omni Valve Company, a provider of valve solutions to the global energy market. The senior credit facility consists of a $9 million working capital revolver secured by accounts receivable and inventory.
First Capital was selected by the management of Omni to provide the credit facility because of its familiarity with the ownership, its expertise in the oil and gas equipment market and its ability to close the facility quickly. Proceeds will be used to support the anticipated expansion and product development of the business.
“We knew the First Capital team and had confidence in their ability to quickly underwrite our business strategy and tailor a financing program to meet our needs moving forward,” remarked Harry Johnson, Chairman of Omni Valve Company, LLC. “By having sufficient working capital financing from First Capital we will be able to continue to expand our products and service offerings to our valued customers.”
John Curtis, EVP and manager of First Capital’s Midwest region remarked, “Omni is the type of company that benefits significantly from the lending programs First Capital provides as a privately owned non-bank debt provider. We were able to provide the company significantly more working capital in a short period of time to support the challenges they face in the dynamic oil and gas market that exists today.”