Great Rock Capital Closes $13.2MM Credit Facility with IFS Intermediate
New facility positions IFS Intermediate for continued growth
Westport, CT – September 20, 2021 — Great Rock Capital, an asset-focused commercial finance company specializing in middle market lending, today announced the closing of a $13.2 million senior secured credit facility with IFS Intermediate (“IFS”), a full-service 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 tailored 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,” said Jeff Wigginton, CEO of IFS. “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,” said Stuart Armstrong, CEO of Great Rock Capital. “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 6 years,” commented Tim Gosline, Partner at The Riverside Company. “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."
About Great Rock Capital
Great Rock Capital is an asset-focused commercial finance company specializing in serving the needs of middle market companies with a wide variety of secured lending products. Great Rock Capital provides fast, flexible, and creative financing solutions to maximize its customers’ liquidity to enable them to better execute their business plans. To learn more, visit www.greatrockcapital.com.
About The Riverside Company
The Riverside Company is a global private equity firm focused on investing in growing businesses valued at up to $400 million. Since its founding in 1988, Riverside has made more than 800 investments. The firm’s international private equity and structured capital portfolios include more than 130 companies. To learn more, visit www.riversidecompany.com.
About IFS Intermediate
IFS Group was formed in 2015 to create a leading provider of non-discretionary, mission critical industrial services for continuous process industries. Services include hydro and air excavation, industrial vacuuming, and high-pressure water-blasting. IFS end markets include power generation, pulp and paper, and petro chemical plants. IFS is headquartered in Belmont, WV, with locations in Kentucky, North Carolina, and Florida.