Bridge Bank and Tree Line Capital both provided debt financing to support the recapitalization of Goettl Air Conditioning by Baum Capital Partners.
Bridge Bank provided a capital equipment facility and revolving line of credit to support ongoing corporate needs and Tree Line provided an equity co-investment.
In 1939, brothers Adam and Gust Goettl formed the Phoenix-based company, Goettl Air Conditioning, using design features that allowed their units to operate in the harsh climate of the desert Southwest. Ken Goodrichp purchased the company in 2012, becoming CEO.
“At Bridge Bank, we are committed to supporting private equity sponsors by providing flexible financing structures with speed and certainty,” said Rick Lamoreux, senior vice president in Bridge Bank’s Southern California Corporate Banking group. “We are pleased that we could work together with Tree Line to support Baum Capital Partners in the recapitalization of Goettl Air Conditioning.”
“We are excited to support Baum Capital Partners and the team at Goettl,” added Frank Cupido, a partner with Tree Line. “This transaction is a great example of the long-term relationships we strive to build with our borrowers, private equity sponsors and lending partners, as we have now worked with the teams at Bridge Bank and Baum Capital Partners in multiple transactions in the residential HVAC space.”
“Working with Bridge Bank and Tree Line was an enjoyable, collaborative process,” said Chris Hanson, a partner with Baum Capital Partners.
Bridge Bank is a division of Western Alliance Bank.
Tree Line Capital Partners is a direct lender that provides financing solutions to lower middle market borrowers consisting of senior term loans, unitranche term loans and equity co-investments.
Baum Capital Partners is a private investment firm that provides equity capital and strategic resources in support of dynamic companies in the lower middle market.
