Westport, CT – April 7, 2025 -- Great Rock Capital, an asset-focused commercial finance company specializing in middle market lending, today announced the closing of a senior secured credit facility with National Railway Equipment Company (“NRE”). NRE, a portfolio company of TRM Equity (“TRM”), is a global provider of locomotive and marine products and services, servicing class 1’s, short line rail, government/industrial rails, and the inland marine transportation market.

The new credit facility, which includes a revolving line of credit and a term loan, refinanced the company’s existing debt and will provide additional liquidity to support growth.

“We are pleased to have this credit facility in place,” said Shaun Karn, Operating Partner at TRM Equity. "The facility will provide the company with additional liquidity and financial support to advance our plan to reestablish NRE as a global leader in the rail, marine, and power industries."     

“We look forward to working with NRE as they execute on their strategic growth plans,” said Stuart Armstrong, CEO of Great Rock Capital. “The experienced leadership and strong support from TRM coupled with the increased financial flexibility from this new credit facility have positioned the company for continued success.” 

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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 $15MM to $150MM 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 TRM Equity

TRM Equity (www.trmequity.com) is a private equity firm that seeks controlling investments in situations where the experience of our team can assist companies with operational improvement or transformation. The Firm's core team has worked and invested together for over 20 years, applying a consistent approach in targeted manufacturing industries, and has demonstrated a track record of above market returns.

About National Railway Equipment

Headquartered in Mt. Vernon, IL, National Railway Equipment Co. (NRE) is a global supplier of locomotives, servicing new and remanufactured locomotives, engines, power assemblies, repairs, field service and parts around the world.  NRE Power Systems is a leader in the marine and industrial engine markets. NRE is proud to serve their customers with integrity and a commitment to industry-leading customer service from each of its locations. NRE has delivered over 1200 new and remanufactured locomotives to North American and International railroads. TRM Equity acquired NRE in May of 2023.  

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