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Wells Fargo Inks $100MM Revolver with Accordion Feature for Cameron Ashley

April 12, 2019, 08:50 AM
Filed Under: Building Supplies
Related: Wells Fargo Bank

Cameron Ashley Building Products, a portfolio company of Los Angeles-based private investment firm Pacific Avenue Capital Partners, LLC, announced that it has entered into a $100 million asset-backed revolving credit facility. The Revolving ABL Facility, which was provided by Wells Fargo Bank, includes an incremental accordion feature of up to $50 million. The successful refinancing follows Cameron Ashley’s recent announcement of the acquisition of the assets of Warrior Building Products, a St. Louis distributor.

“We are pleased with the results of this refinancing, and our partnership with Wells Fargo further improves our flexibility to pursue acquisitions while providing additional liquidity,” said Donny DeMarie, President and CEO of Cameron Ashley. “I applaud the entire Cameron Ashley and Pacific Avenue Capital Partners team for their hard work in securing a successful outcome.”

Under Pacific Avenue’s ownership, Cameron Ashley has grown its network to over 5,000 pro dealers across more than 30 strategically-located stocking distribution centers with a total storage footprint of over 4.2 million square feet. The warehouse footprint is support by a fleet of over 125 tractors and 200 trailers that make in excess of 240,000 deliveries every year. Cameron Ashley continues to expand its footprint with expansions into Phoenix, AZ (April 2019), Las Vegas, NV (April 2019) and Central Pennsylvania (June 2019). Additionally, Cameron Ashley is upgrading its existing facility locations in Houston, TX.

“We are excited to partner with Wells Fargo as we continue to scale the business,” said Chris Sznewajs, Founder and Managing Partner of Pacific Avenue. “The expanded credit line provides even greater flexibility as we pursue our growth plans through acquisition and greenfield opportunities. We continue to focus Cameron Ashley in our core building product offerings: roofing, insulation, gypsum, decking and siding.”

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