NewStar Business Credit announced it has provided a $40 million senior secured credit facility to General Insulation Company. Proceeds from the new financing will be used to provide working capital and for general corporate purposes including funding future growth. NewStar said it syndicated a portion of the credit facility to BBVA Compass.
Margie Kaufman, managing director with Getzler Henrich & Associates, served as a financial advisor to the company and commented that, “NewStar responded quickly and delivered a comprehensive financing solution to the company, including a lending syndicate to support potential future needs.”
“We are pleased to be partnering with Frank Granara and his experienced team of managers at General Insulation Company,” said John Rossi, Senior Vice President at NewStar. Milton Iskra, NewStar EVP added, “This was a great opportunity for us to build on our growing presence in the New England market and demonstrate the value of our syndication capabilities.”
Boston, MA-based General Insulation Company is a distributor of commercial and industrial insulation, HVAC and fire stop products, and related accessories. GIC serves a wide range of contractors, OEMs, and supply houses throughout North America.