First Niagara announced its Commercial Finance Group closed on a $20 million credit facility with Crosman Corporation, a manufacturer of air rifles for hunting, recreation and competitive shooting.
The deal includes a revolving credit facility which will provide the more than 90-year-old company with the working capital it needs to continue to meet the high demand for its products around the world.
“Having served as a financial partner to Crosman Corporation for over a decade, our team has a deep understanding of their unique credit needs,” said Vito Caraccio, first vice president of First Niagara in Rochester, NY. “As an international leader in its field, Crosman’s products are in high demand at retailors like Dick’s Sporting Goods, Walmart and Amazon. We were pleased to tailor a credit and treasury management solution to help them continue to grow and succeed.”
“First Niagara’s team was able to structure a capital solution that will allow us to continue to innovate our design and manufacturing processes as we expand into new markets,” said Bob Beckwith, CFO of Crosman Corporation. “In addition, it will allow us to continue to produce the majority of our products right here in Upstate New York.”
East Bloomfield, NY-based Crosman, with more than 300 local employees, designs, manufactures and markets a range of products, including steel and plastic BBs, lead pellets and C02 cartridges at its plant in the Greater Rochester region.