Wells Fargo Leads Financing for Foley’s Buy of Giles & Ransome
APR 23, 2018 - 7:07 am
Wells Fargo’s Middle Market Banking division led a syndicated credit facility to support Foley’s acquisition of Giles & Ransome. Specific terms were not disclosed.
Foley, a regional Caterpillar dealer, acquired substantially all of the assets of Giles & Ransome, headquartered in Bensalem, PA. 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. In fact, Giles & Ransome – launched at the height of the Depression in 1932 – became Caterpillar Tractor’s first equipment dealer in the U.S.
This transaction resulted from a mutual agreement between both dealerships and Caterpillar. The acquisition brings together two CAT dealers with a combined 160 years of tractor industry experience and even more years of construction industry experience.
“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,” said 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.”
In addition to leading this transaction, Wells Fargo provides a suite of products and services for Foley, including treasury and depository products.
“Our Wells Fargo team was thrilled to support Foley in a leadership role, advising and arranging the financing for this transformational acquisition,” said Pat Finn, leader of the Middle Market Banking Heavy Equipment Group.
The business operations of the combined companies are comprised of four divisions that provide a diversified line of products, rentals and services to support a wide range of customer needs:
The Machinery Division offers the full line of CAT Construction Products, comprised of more than 300 machines.
Foley Rents offers short-term rentals, long-term rentals and rent-to-own agreements.
Power Systems provides emergency and prime power generator sets, power generation rentals, temperature control rentals, compressed air rentals, marine engines and industrial engines.
Highway Division capabilities include services from basic oil changes to major overhauls, and its factory-trained technicians provide expert and reliable service for CAT or non-CAT truck engines.
Foley offers product support for every division, including service and parts for all product types.
Foley’s territory includes the northern half of New Jersey, Staten Island, NY, and Bermuda. In addition to Piscataway, Foley operates 10 parts drops throughout New Jersey, including Monroe Township, Wall, Clifton, Pompton Lakes, Flanders, Glen Gardner, Fairview, Flemington, Neptune and one on Staten Island.
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