FM completes $20 million credit facility
Hartford, Conn. -- RBS recently completed a $20 million senior credit facility for FM Global Holdings (FM Facility Maintenance). The proceeds will be used to provide working capital for growth and acquisition financing.
FM chairman, Jim Barnes said, “This $20 million facility completes the third step of our acquisition capital plan which began with at $12.5 million equity raise last August followed by a $6.5 million mezzanine debt facility closed at year end. Combined with this $20 million facility, FM has sufficient capital to execute on its 2011 acquisition strategy.”
The facility has accordion features to expand to $40 million.
Jim Reavey, president and CEO added, “Continuing strength in our core business coupled with 25 percent year over year growth has allowed FM to tap into substantial capital for acquisitions. FM will focus on purchasing companies that provide single trade services that are presently offered within our current 45 trades.”