Livingstone Chicago’s Debt Advisory team has advised on the successful refinancing of The FNA Group, Inc. by Bank of America. The refinancing approximately doubles FNA’s borrowing capacity and provides the Company with the capital it needs to not only execute its core business plan but also aggressively evaluate product line expansion and other strategic growth opportunities.
Headquartered in Illinois, USA, FNA is North America’s leading manufacturer of pressure washers, pumps, hoses, and replacement parts to leading retailers across the United States. The Company’s portfolio of owned and licensed brands include DEWALT®, BLACK & DECKER®, SIMPSON®, DELCO®, POWERWASHER®, TASKMASTER® and MONSTER HOSE.
“We are thrilled with the opportunity to forge a partnership with Bank of America – a group that clearly articulated their understanding of our business from day one. With BoA’s financial backing and the Company’s growth plan and vision, we look forward to a very long and prosperous relationship,” said Gus Alexander, Founder of FNA. “The refinancing process could not have gone smoother. The Livingstone team outlined a game plan at the onset of the process and executed the plan with precision.”
Managing Director at Livingstone Chicago Joseph Greenwood added: “Working with a family-owned business like FNA it was imperative that we balanced not only the immediate needs of the Company but also the right long-term fit. Livingstone has been a trusted advisor to FNA for several years and we look forward to working with them as they accelerate into the next phase of their plan.”
“FNA follows on the heels of similar Livingstone transactions, with six capital raising completions in the last 12 months. Our ability to access the debt markets for our clients has resulted in several successful deals where the terms and structure have surpassed our client’s expectations,” added Livingstone Chicago’s Debt Advisory Director Tom Lesch.
Other recent transactions completed by the Debt Advisory team include: Inspection Oilfield Services, iprism, Lakeshore Waste Services, and PEINE GmbH.