Eco Material Technologies Inc., Utah-based fly ash processing and marketing leader, has closed a new asset-based lending facility with Mizuho Bank Ltd. as administrative agent and sole lender. It includes $75 million of committed liquidity and features an accordion that allows for potential expansion up to $100 million to support future growth opportunities. Under terms of a new agreement, the facility will have a tenor of five years, providing Eco Material with enhanced financial flexibility and support for its strategic initiatives. The move consolidates all existing current debt instruments into the new expanded facility, enabling the supplementary cementitious materials producer to simplify its debt structure, extend maturity, increase liquidity and reduce cost of capital. The asset-based facility, for which Latham & Watkins, LLP served as legal counsel to Eco Material, incorporates a tiered pricing structure based on the Secured Overnight Financing Rate, offering borrowing levels with better economic terms compared to the existing financings.
“Eco Material is pleased to announce the successful refinancing of its debt and enhanced liquidity into a more streamlined and economical facility that provides flexibility to grow in the future. The agreed terms evidence the strides made by the business to strengthen the balance sheet while growing the size and profitability of the business over the past several years,” says CEO Grant Quasha. “Going forward, we will be able to access capital when needed to grow at attractive rates without significant administrative burden. This is an important step in our journey.”
The full concrete production and delivery equipment offering of Iowa-based Cemen Tech will be available throughout Colorado and New Mexico on the heels of a new partnership with 4Rivers Equipment. “Cemen Tech is committed to delivering high-performing, long-lasting equipment and unparalleled service—a passion we share with 4Rivers Equipment and why we are so pleased to welcome them to our dealer network,” says CEO Connor Deering. “We proudly promote sustainability on job sites with volumetric mixing solutions that enhance safety, reduce concrete waste and conserve fuels throughout the construction process.” Using onboard technology, he adds, Cemen Tech volumetric mixer trucks can change mix designs quickly and efficiently, allowing an operator to go from one small job to the next without having to return to the batch plant.
Atlanta-based White Cap, the top player in construction supplies and safety products, continues to build concrete contractor offering and service depth, acquiring B&R Reinforcing Inc. of Columbus, Ohio. The transaction follows closely on the heels of White Cap’s acquisition of Ohio-based Dayton Superior Corp., plus deals for five rebar supply and fabrication facilities from Oklahoma, South Carolina and Virginia operators.
“B&R’s strong reputation around rebar fabrication and concrete accessory supplies for customers in the central Ohio market provides an excellent foundation for us to expand our value-added services and one-stop shop across the state,” says White Cap CEO Alan Sollenberger.
“Our staff brings decades of experience and knowledge, and I’m certain that joining forces with White Cap will make our team stronger than ever,” adds B&R Co-Owner Michael Bright. “With White Cap being the premier distributor for construction materials, and B&R Reinforcing being the preferred rebar fabricator in Columbus, our team has an excellent opportunity for growth and continued success.”
REVOLUTION LAUNCHES AUTHORIZED SERVICE PROVIDER NETWORK
Revolution Concrete Mixers has appointed All American National Fleet Services as charter Authorized Service Provider Network partner. The new, factory-supported network encompasses “meticulously vetted, experienced service providers, each selected on their proven track record of excellence in concrete mixer service and customer satisfaction … [Partners] will be the only providers of warranty service for both Revolution and McNeilus mixers.”
With Arizona, California, Georgia and Minnesota locations, family-owned All American Fleet brings 40-plus years of expertise; it is especially known for fiberglass repair, fabrication, refinishing, and other critical services that make it a one-stop, heavy-duty vehicle shop. “Their dedication to high-quality service and customer satisfaction aligns perfectly with our mission to provide fast, convenient, and reliable support,” says Revolution Executive Vice President Bryan Datema. “With this growing Authorized Service Provider Network comprised of trusted providers like All American, we ensure our customers receive the best care using only genuine and OEM parts directly from the team who knows Revolution Concrete Mixers best, the team that built them.”