Garrington Capital, a private lender that specializes in providing alternative financing options for small and medium-sized businesses across Canada and the United States, served as co-agent along with Great Elm Commercial Finance in a $12 million equipment financing facility to support the acquisition efforts of a long-standing supplier to the automotive industry based in Ohio.
The borrower, a manufacturer specializing in forged steel components, will use the credit facility to acquire a complementary business operating in the same sector. With significant unencumbered equipment on hand and substantial real estate backing, the borrower was able to unlock liquidity to complete the transaction.
“This financing exemplifies the type of creative, asset-backed lending Garrington brings to middle-market businesses. We were impressed by the company’s deep industry roots, the durability of its product line and the strength of the collateral available. The fact that a well-capitalized public entity ultimately backs the business gave us further confidence,” Tammy Kemp, president and chief credit officer at Garrington Capital, said. “We welcomed the opportunity to work alongside an established lending partner, combining our expertise to structure and execute a financing solution aligned with the borrower’s timeline and strategic goals.”
