Siena Lending Group closed a C$15.7 million credit facility to support the refinancing and working capital for growth of Arkon Solutions, an innovative, integrity focused manufacturer of chemical solutions based in Alberta, Canada.
The transaction presented Siena with an opportunity to leverage the company’s primary assets (accounts receivable, inventory and equipment) to maximize liquidity available to the company. Structured as a committed asset-based revolver and term loan, the credit facility provides additional financing to accelerate Arkon’s future growth initiatives, including expanding customer relationships, launching new products and meet the increasing demand for its innovative products.
“The Arkon team thanks everyone at Siena for all their work to get the new credit facility completed in the timeframe we needed,” Onkar Dhaliwal, president and CEO of Arkon, said. “Despite the tight deadlines, the Siena team spent a great deal of time and effort to understand our business. We are very excited to work with Siena as they support our growth plans.”
“This was a transaction that demonstrates Siena’s determined and creative approach to provide Arkon with the liquidity needed to pursue their exciting growth objectives,” Duane Morrison, director – new business originations for Canada at Siena, said. “We valued the collaborative environment with Arkon’s financial advisor, owner and management team that was integral to closing the transaction.”
West Grove Capital Advisors acted as financial advisor to Arkon for raising the capital.
