Great Rock Capital, an asset-focused commercial finance company specializing in middle market lending, closed a $16 million senior secured credit facility with Virginia Explosives & Drilling Company, a drilling and blasting company.
The increased borrowing capacity provides VEDCO with additional liquidity to execute on its short- and long-term growth objectives. The facility includes a term loan as well as a revolver.
“The Great Rock Capital team quickly understood our capital needs and customized a structure that maximizes our liquidity as our business evolves,” Kevin Staton, CFO of VEDCO, said. “We look forward to partnering with Great Rock Capital as we execute on our strategic growth plan and continue to develop deep, long-standing customer relationships, which we believe are the cornerstone of our success.”
“VEDCO is led by an innovative and experienced management team that is well positioned for continued growth,” Stuart Armstrong, CEO of Great Rock Capital, said. “VEDCO’s unmatched industry expertise and strong customer relationships have helped the firm build a very successful business. We are excited to be their financial partner and look forward to being part of their next level of growth.”
