Pacific Mercantile Bank, a wholly-owned subsidiary of Pacific Mercantile Bancorp, provided a $4 million revolving line of credit to CRU Data Security Group (CDSG), an end-to-end data storage company.
The revolving line of credit is part of a debt infusion into CDSG made alongside Merion Partners, a small business investment company. Veber Partners, a regional investment bank and advisor to CDSG, assisted with the acquisition and corporate reorganization.
“Following our acquisition of Digistor in late 2020, we have significantly expanded our suite of secure data storage solutions and positioned the company for accelerated growth in the rapidly evolving world of trusted and secure data storage,” Randal Barber, president and CEO of CDSG, said. “Pacific Mercantile Bank understood how to work collaboratively with Veber Partners and Merion Partners to structure a credit facility that meets our unique needs and provides the flexible financing solution that will enable us to pursue our growth opportunities. We also appreciate the valuable insight that Pacific Mercantile Bank was able to provide through their Horizon Analytics tool, which complements our internal valuation model and informs the development of our longer-term financial and operational strategies.”
“We appreciate Merion Partners introducing us to CDSG,” Rob Parks, senior vice president and business development officer at Pacific Mercantile Bank, said. “We are excited about the significant opportunities CDSG has to expand its customer base in the secure data storage market and we look forward to supporting them as they continue to grow in the future.”
