Wells Fargo’s Middle Market Banking division led a syndicated credit facility to support Foley’s acquisition of Giles & Ransome. The bank also provided treasury and depository products to Foley. Additional specific terms were not disclosed.
Foley, a regional Caterpillar dealer, acquired substantially all of the assets of Bensalem, PA-based Giles & Ransome. The move expands Foley’s territory to include eastern Pennsylvania, southern New Jersey and northern Delaware.
The companies are two of the oldest CAT dealers in the U.S., and the transaction resulted from a mutual agreement between both dealerships and Caterpillar.
“On behalf of the entire Foley CAT team, we are incredibly excited about the opportunity to bring these two dealerships with such rich histories together as one team,” said Jamie Foley, CEO of Foley. “With business partners like Caterpillar and Wells Fargo placing their trust in us to execute our strategy and achieve our targeted goals, we feel confident that we will fulfill our vision of creating customer experiences that create customers for life.”
“Wells Fargo has had a relationship with Foley for decades,” added Crystie Ciriello, senior relationship manager for Wells Fargo Middle Market Banking in Iselin, NJ. “In fact, most of our relationship team members have personally known the Foley family for more than 20 years.”
