FrontWell Capital Partners increased its secured credit facility with Mara Technologies and Mara Technologies USA to CAD$45 million ($33.7 million). Mara is a manufacturer of electronic boards and assemblies focused in infrastructure, broadband communications and power management systems. Mara is a subsidiary of the Invotek Group, a global provider of electronics manufacturing services based in Markham, Ontario.
The facility, comprised of a revolver and a term loan, will be used by Mara to refinance its existing debt and will provide additional working capital liquidity to support Mara’s growth and its expansion into the United States. Mara is in the process of launching a new state-of-the-art manufacturing facility in Holly, MI to accommodate a new contract with one of Mara’s major existing customers and to add capacity in the United States for the ever-expanding battery power management market.
“We are pleased to expand our facility with Mara to enable the company to benefit from the significant growth opportunities it is seeing.” Patrick Dalton, CEO of FrontWell, said.
“We value the partnership that we have with FrontWell and their willingness to participate in our extraordinary growth.” Paul LaCroix, CEO of Mara Technologies and the Invotek Group of companies, said.
