Essex Capital Group announced that it recently arranged a $30 million senior secured financing facility for Chrome Capital, a Harley Davidson motorcycle leasing company.
The new debt facility consists of a $20 million senior secured term loan and a $10 million accordion feature allowing for further expansion. The transaction was funded by a private specialty finance firm. Deal proceeds were used by the company to refinance existing debt, fund Chrome’s working capital and the nationwide expansion of its Harley leasing program.
“Bob and Rob are extraordinary professionals,” CEO Pete Wasmer commented. “Their detailed, thorough approach to understanding our unique business resulted in Essex delivering a very specific solution that met our financing needs to fuel our expansion. We view this relationship as an important partnership that will allow for Chrome’s continued growth for years to come.”
Robert D. Swain, president of Essex, added, “Chrome’s innovative Harley Davidson leasing program opens up a new market of riders who otherwise might not qualify for conventional financing. The Company’s management team is first-rate, having built an impressive partnership with Harley dealers across the country in a relatively short period of time. This financing will position Chrome’s balance sheet to continue its high rate of growth.”
Essex Capital acted as the company’s exclusive advisor in this transaction.
Essex Capital is a Tampa, FL-based corporate finance firm serving small and middle-market privately-held companies located throughout the United States.