Great Rock Capital Closes $27.9MM Senior Secured Term Facility with GT Technologies
New capital to support industry leading automotive supplier
Westport, CT – December 15, 2021 — Great Rock Capital, an asset-focused commercial finance company specializing in middle market lending, today announced the closing of a $27.9 million senior secured term loan facility with GT Technologies (“GTT”), a manufacturer of custom-engineered valvetrain components and assemblies for the global automotive, heavy-duty truck, and off-road vehicle industries. GTT is a portfolio company of Industrial Opportunity Partners.
The new term loan facility refinanced a portion of the company’s existing debt and provides GTT with additional capital to support future growth. Great Rock Capital partnered with the existing revolver lender, a leading commercial banking institution, to create an optimal financing structure that will maximize the firm’s liquidity.
“Great Rock was very responsive to our business needs and worked with us to customize and fund a structure that will provide additional liquidity and growth capital,” said Dan Brinker, President of GT Technologies. “We believe strong relationships are vital to our company’s 100+ year operating history and we look forward to our new partnership with Great Rock.”
“GTT has built a reputation for excellence as a mission-critical supplier for the automotive industry,” said Stuart Armstrong, CEO of Great Rock Capital. “Their long-standing customer relationships and business expertise have created an industry-leading platform, and we look forward to playing a part of their ongoing success.”
“The flexibility and capital provided with Great Rock’s credit facility will allow GTT to unlock future growth potential,” commented Kyle Hood, Managing Director at Industrial Opportunity Partners. “We look forward to working with both teams as GTT navigates the next stage of business growth.”
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 Industrial Opportunity Partners
IOP, an Evanston, III.-based private equity firm with $910 million of committed capital since inception, is dedicated to creating value through investing in manufacturing and value-added distribution businesses with sales between $30 million and $400 million. IOP focuses on businesses with strong product, customer, and market positions, and provides management and operational resources to support sales and earnings growth at its businesses. For more information, visit IOP’s website at www.iopfund.com.
About GT Technologies
GT Technologies is a global company that designs, develops, and manufactures a complete line of valvetrain components and systems, precision machining and stamping components for a wide variety of customers and performance critical applications. Since 1975, we’ve specialized in high-precision, critical machined and stamped components and assemblies. GT Technologies is responsible for the creation of the stamped roller finger followers that have become standard across the industry today. We have over 500 employees operating through our 10 locations in four different countries. It’s our goal to bring our competitive strengths to the manufacturing marketplace.