Great Rock Capital Closes $23.8MM Term Facility with Madison-Kipp Corporation
Capital to support leading aluminum die-casting supplier
Westport, CT – July 11, 2023 -- Great Rock Capital, an asset-focused commercial finance company specializing in middle market lending, today announced the closing of a $23.8 million senior secured term loan facility with Madison-Kipp Corporation (“Madison-Kipp” or the “Company”), a company owned by PineBridge Investments and other investors. Madison-Kipp is a leading producer of high-pressure aluminum die castings, precision machined components, and system subassemblies for customers in the transportation, industrial, lawn and garden, and recreational vehicle markets.
The credit facility, which includes a term loan and a delayed draw term loan, was used to refinance a portion of the company’s existing debt and will also support future capital expenditure needs. Great Rock partnered with the revolver lender, a leading commercial banking institution, to create a financing structure that will maximize the company’s liquidity.
“Great Rock understood our capital needs and worked with us to customize and fund a structure that will position us for sustained success,” commented Luke Williams, CFO of Madison-Kipp. “The new credit facility they provided will strengthen liquidity and provide new flexibility to our capital structure. We are pleased to have Great Rock as a new partner to support the continued evolution of Madison-Kipp.”
“The high caliber Madison-Kipp management team, with unmatched industry expertise and focus on strong customer relationships, will continue to drive the historical success of this platform,” said Stuart Armstrong, CEO of Great Rock Capital. “We are excited to join Madison-Kipp’s shareholders in supporting the Company’s future growth initiatives.”
About Great Rock Capital
Great Rock Capital is an asset-focused commercial finance company that specializes in serving the needs of middle market companies across the United States and Canada. The Company provides fast, flexible, and creative financing solutions that maximize liquidity and provide growth capital. The senior secured credit facilities offered by the firm range in size from $10MM to $75MM and include working capital, term-heavy, and term-only loan structures not provided by traditional commercial lenders. The firm has significant capital commitments from its partners, a private equity business and a large institutional investor. To learn more, visit www.greatrockcapital.com.
About Madison-Kipp Corporation
Established in 1898, Madison-Kipp Corporation is a leading producer of highly engineered, high-pressure aluminum die castings, precision machined components, and system subassemblies for customers in the transportation, industrial, lawn and garden, and recreational vehicle markets, operating from four manufacturing facilities in Wisconsin and Indiana.