Great Rock Capital closed a $13.2 million senior secured credit facility with IFS Intermediate (IFS), a water blasting, hauling and industrial vacuuming business that serves utility companies throughout the Midwest and along the East Coast.
The new capital refinanced the company’s existing lender and provides IFS with additional liquidity to support future growth. The facility includes a traditional term loan, as well as a revolver and a delayed draw term loan.
“Great Rock understood our capital needs and worked with us to customize and fund a structure that will position us for sustained success as we continue to execute on our business plans,” Jeff Wigginton, CEO of IFS, said. “We look forward to our financial partnership with Great Rock as we enter the next phase of our growth plan.”
“IFS is led by a highly experienced management team with deep industry knowledge,” Stuart Armstrong, CEO of Great Rock Capital, said. “Their industry expertise and strong customer relationships have created a successful business that is well positioned for growth, and we are excited to be part of their continued success.”
“Our partnership with IFS has flourished over the last six years,” Tim Gosline, a partner at The Riverside Company, said. “The innovative capital provided by Great Rock will provide IFS with the liquidity and financial flexibility to support their near-term business strategies and growth initiatives.”
