Great Rock Capital Closes $34.2MM Credit Facility with Blaschak Anthracite
New capital to support strategic expansion
Westport, CT – December 5, 2022 —Great Rock Capital, an asset-focused commercial finance company specializing in middle market lending, today announced the closing of a $34.2 million senior secured credit facility with Blaschak Anthracite Corporation (“Blaschak”), a portfolio company of Milestone Partners. Blaschak is a leading producer of ultra-high-grade anthracite, which is one of nature’s cleanest-burning solid fossil fuels and carbon sources.
The bespoke facility, which includes a revolver, a term loan, and a delayed draw term loan, refinanced a portion of the company’s existing debt and will support the future acquisition and capital expenditure needs of the business.
“With the increasing global demand for our product, Blaschak needed a financial partner who realized our near-term growth potential,” said Boyd Kreglow, CEO of Blaschak. “Great Rock quickly understood our competitive edge and customized a financing solution that will provide the necessary liquidity to execute on our strategic expansion initiatives.”
“The high-quality leadership of Blaschak’s management team, coupled with their long-standing partnership with Milestone Partners, has positioned the company as an industry-leader in the United States,” said Stuart Armstrong, CEO of Great Rock Capital. “Their strategic expansion plan will continue to drive the growth of this business, and we look forward to being a part of their future success.”
“Our partnership with Blaschak has thrived over the last 13 years,” commented Scott Warren, Managing Partner at Milestone Partners. “The liquidity and flexibility provided by Great Rock’s credit facility will allow Blaschak to unlock future growth potential.”
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 Milestone Partners
Milestone Partners collaborates with management to make control equity investments in established operating businesses with a focus on the tech-enabled solutions, financial services and technology, and tech-driven manufacturing sectors. Since its founding, Milestone has invested over $1 billion of original capital commitments and closed over 100 transactions representing over $3.5 billion of value. To learn more, visit www.milestonepartners.com.
About Blaschak Anthracite Corporation
Founded in 1937, Blaschak is a miner, preparer and marketer of anthracite, the highest grade of coal that has high carbon content, low levels of impurities and a virtually smokeless burn. Anthracite is used as a raw material in many applications including, water filtration, EAF steel making and a variety of other industrial applications as well as home heating. Located in the anthracite region of northeastern Pennsylvania north of the Lehigh Valley and Greater Philadelphia Region, Blaschak Anthracite’s headquarters lie in Mahanoy City, Schuylkill County, Pennsylvania. To learn more, visit www.blaschakanthracite.com