Great Rock Capital closed a $23.8 million senior secured term loan facility for Madison-Kipp Corporation, a company owned by PineBridge Investments and other investors. Madison-Kipp is a producer of high-pressure aluminum die castings, precision machined components and system subassemblies for customers in the transportation, industrial, lawn and garden and recreational vehicle markets.
The credit facility, which includes a term loan and a delayed draw term loan, was used to refinance a portion of the company’s existing debt and will also support future capital expenditure needs. Great Rock partnered with the revolver lender, a commercial banking institution, to create a financing structure that will maximize the company’s liquidity.
“Great Rock understood our capital needs and worked with us to customize and fund a structure that will position us for sustained success,” Luke Williams, CFO of Madison-Kipp, said. “The new credit facility they provided will strengthen liquidity and provide new flexibility to our capital structure. We are pleased to have Great Rock as a new partner to support the continued evolution of Madison-Kipp.”
“The high caliber Madison-Kipp management team, with unmatched industry expertise and focus on strong customer relationships, will continue to drive the historical success of this platform,” Stuart Armstrong, CEO of Great Rock Capital, said. “We are excited to join Madison-Kipp’s shareholders in supporting the company’s future growth initiatives.”
