Essex Capital Group arranged $7.5 million of term debt for Isla Frio, a private startup enterprise formed to develop a new cold storage operation on the island of Puerto Rico.
Essex Capital Group enhanced Isla Frio’s credit by using a combination of certain government guaranteed financing programs. Essex Capital Group acted as the company’s exclusive financial advisor in this transaction.
“Puerto Rico’s cold storage capacity was devastated by the recent hurricane,” Carlos Romero Barceló, former Governor of Puerto Rico and the current chairman of the committee to establish U.S. statehood for Puerto Rico, said. “This new project is critical to restore our cold storage capacity and adequately serve the food refrigeration requirements of our people. On behalf of the Commonwealth of Puerto Rico, I would like to extend my thanks to Essex Capital for arranging the financing of this most important project.”
Essex Capital Group, Inc. is a Tampa, Florida-based corporate finance firm serving small and middle market privately-held companies located throughout the United States.