Great Rock Capital closed a $31.7 million senior secured term loan facility with SMG Industries (SMGI), a publicly traded transportation services company focused on the domestic infrastructure logistics market.
The term loan was used to finance a strategic acquisition and merger of the Barnhart Transportation group of companies, a 20-year-old established logistics service provider. 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 customized a structure that increased liquidity by optimizing the value of our fixed assets to support the acquisition and successful merger of Barnhart,” Matt Flemming, CEO of SMGI, said. “We are excited about our new financial partnership and what it entails for the future growth of our platform.”
“The team’s combined expertise and focus on superior customer service will propel this business to new levels of growth,” Stuart Armstrong, CEO of Great Rock Capital, said. “We look forward to working with this experienced management team as they capitalize on this milestone and expand their industry footprint.”
