Siena Lending Group closed a $30 million asset-based credit facility for CST Industries, which used the facility to refinance existing debt and to provide additional working capital to support its turnaround and growth plan.
CST is a provider of storage tank and cover solutions with an operating history dating back more than a century. The company is headquartered in Kansas City, MO, and is owned by Solace Capital Partners, a Los Angeles-based alternative asset manager with more than $750 million of assets under management.
CST designs, manufactures and erects bolted and welded storage tanks as well as clear span aluminum geodesic dome roofs and other specialty roofing systems. It serves multiple industries, including water, wastewater, fire protection, petrochemicals, industrial liquids, dry bulk products and agricultural materials. The company has five manufacturing and design centers and multiple regional sales offices throughout North America and the United Kingdom.
“We are thrilled to partner with the Siena team. They efficiently delivered on what they promised, providing the added flexibility that we need to take advantage of current business opportunities,” Jeff Mueller, president and CEO of CST Industries, said. “Our shareholders and I are very pleased with the additional capital provided by Siena and look forward to our partnership.”
“We are impressed with the way the Siena team approached the financing with CST,” Chris Brothers, managing partner at Solace Capital Partners, said. “They were thorough and constructive, and they did what they said they would do. We are excited to partner with Siena so that CST can reach new levels of success and we look forward to working on more deals together.”
“We are happy to deliver a more flexible financing that provides additional liquidity to help CST continue with their strategic plan and service their strong customer order backlog,” Dave Grende, CEO of Siena Lending Group, said. “Our group at Siena is impressed with what Jeff is accomplishing at the company as well as the support provided by Chris and his team at Solace. We look forward to helping CST and Solace achieve their goals in the years ahead.”