Daily News: September 5, 2013

NewStar Provides Credit Facilities to Axis Crane

NewStar Business Credit said it provided credit facilities totaling $11 million to Axis Crane. Axis is a portfolio company of Westward Partners, a Seattle-based private equity firm. The credit facilities, which include revolving and term loans, were used to finance Westward’s acquisition of Axis and provide ongoing working capital.

“Axis has grown to become a leader in the Northwest and trusted partner to contractors in the area, and we now have the right lending partner in NewStar to support the company as they execute on these opportunities,” said Andy Baldridge, founder and partner at Westward.

“We were pleased to have this opportunity to support Westward in their acquisition and continue our expansion in the Pacific Northwest marketplace,” said NewStar EVP, Milton Iskra.

Headquartered in Sherwood-OR, Axis, is a full-service crane rental company supplying hoisting and rigging solutions to customers throughout the Pacific Northwest.