Siena Lending Group completed a $10 million revolving credit facility for Standardized Sanitation Systems (SSS). The facility will be used to refinance the company’s existing debt, fund future acquisitions and support the company’s growth and working capital needs.
Headquartered in Billerica, MA, SSS operates as a mid-channel industrial/commercial facility cleaning and maintenance networking organization. The company also provides marketing, logistics and training to a customer base of 120 member-owners of janitorial/sanitation distribution companies. Its new subsidiary, T-S Holdings, is the company’s acquisition arm.
Stephen Fuscaldo, director of Siena, said, “Siena is pleased to provide a working capital facility for SSS that allows the company to focus on driving its growth with a flexible structure and covenant package.”
Alan Sadler, CEO of SSS, added, “Siena’s credit facility allows the company to continue to implement its acquisition strategy by way of T-S Holdings and meet its growth targets without worrying about managing the business to certain financial covenants.”
Peapack-Gladstone Bank also participated in the transaction.