Crystal Financial completed a $20 million senior credit facility for Stone Road Energy (SRE). Proceeds from the facility will be used to refinance existing debt and provide support for acquisitions, among other things.
“A core component of our investment thesis is to consolidate this highly fragmented industry and therefore having a reliable source of capital to facilitate acquisitions is critically important. Crystal differentiated themselves and stepped up to execute this financing in a very expedited time frame,” said Bill Overbay, partner at Stone Road Capital Partners.
Kenny Smith, director of Crystal Financial said, “Since its initial acquisition in 2014, the Stone Road Capital team has made significant progress with their strategy. We are delighted to be able to facilitate the continued growth of one of the leading heating distribution and servicing platforms in the Northeast.”
Headquartered in Bridgeton, ME, SRE provides fuel delivery services for both the residential and commercial markets in Maine, Vermont and New Hampshire.
Stone Road Capital Partners is a private investment firm that specializes in the acquisition of private middle-market businesses and partners.