Webster Bank increased its senior secured credit facilities to $34 million in support of The Metro Group’s acquisition of Response Electric.
Webster Bank also provided an amendment and extension to Metro’s existing credit facilities through a five-year non-recourse cash flow loan structure. The Response acquisition represents Metro Group’s fourth add-on acquisition in the past five years that has been financed by Webster Bank.
“We greatly value our partnership with Webster Bank. They understand Metro Group’s business objectives and have consistently delivered creative financing solutions to support our growth strategy. Through our partnership, Metro Group has been able to broaden our service offerings to become a ’one-stop shop’ for premier electrical, water and mechanical contracting services, and are now uniquely positioned as a leader in the emerging retrofit market to address greenhouse gas emissions as well as other growth sectors,” Richard Parker, CEO of Metro Group, said.
“We are once again pleased to partner with Metro Group on this important transaction that will continue to fuel their growth,” Abby Parsonnet, New York regional president of Webster Bank, said.
