CIT Northbridge Credit, as advised by CIT Asset Management, served as sole lead arranger on a $23 million credit facility for Nova Compression (a successor company to MGC Equipment Company). Proceeds from the financing will help Nova execute an acquisition of additional equipment.
“We are pleased to work with Nova to arrange this financing as they continue to expand their fleet and geographic capacity to meet customer demand,” Neal Legan, executive officer at CIT Northbridge Credit, said.
Founded in 2010 and headquartered in Kilgore, TX, Nova Compression supports clients in Louisiana and Texas with equipment rentals, installation, maintenance and repair of gas compressors.
“Nova means ‘new,’ and the name underscores our commitment to launching a new and exciting chapter in our company’s history. We have added a large amount of high-quality equipment, which means we’ll be able to greatly ramp up services in multiple states. Of course, Nova is scaling up while maintaining the commitment to service and our customers’ production, both of which have always been our hallmarks,” Jonathan Mitchell, CEO of Nova Compression, said. “We appreciated the expertise of the CIT Northbridge team in arranging this financing as we look forward to additional growth opportunities by continuing to help our clients succeed.”