Essex Capital Group arranged a $2 million recapitalization for VoltAir Consulting Engineers, a Florida-based mechanical engineering firm.
Founded in 2006, VoltAir provides single-source mechanical, electrical, plumbing, fire protection and information technology design under one roof.
The recapitalization consisted of consolidating four credit facilities from both traditional and non-traditional sources into one ABL line of credit.
The simplified structure improved the company’s working capital, lowered the monthly debt service and allowed management to focus on core competencies and less on day to day cash management.
Julius Davis, VoltAir president and CEO, commented, “We were fighting for cash for months and we were constantly turned down by banks and other financial institutions. We consulted with Essex Capital Group and they listened. They saw the potential in VoltAir and they believed in our dream! Thanks to Essex, VoltAir is able to turn on the heat again and is no longer burdened with cash limitations.”
Doug Arthur, Essex managing director, added, “This recapitalization unlocked significant liquidity for VoltAir, allowing the company to expand its footprint and take advantage of opportunities that were previously out of reach.”
Essex Capital also acted as VoltAir’s exclusive advisor in the transaction.
