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MidCap Business Credit Closes $6MM Credit Facility for Summit Casing Equipment

April 28, 2017, 07:06 AM
Filed Under: Energy

MidCap Business Credit announced that it has completed a $6 million Asset Based Credit Facility to Summit Casing Equipment, a portfolio company of Renovo Capital, a Dallas based private equity firm. Summit Casing Equipment, manufactures and distributes products that are used primarily for cementing pipe during the process of drilling oil and gas wells. The opportunity was sourced out of MidCap’s regional office in Houston, TX.

Andy Eldridge, President of Summit  stated, “We are very pleased to be able to partner with MidCap Business Credit. The MidCap team has shown they are fully committed to understanding Summit’s needs and working with us to meet them. They structured a very competitive deal and we are looking forward to working with them to help us accomplish the growth targets we have planned at Summit”.

Steve Samson, President of MidCap Business Credit added, “It was pleasure working with the Summit Team, they clearly have built a great business and have a deep understanding of the space. MidCap is pleased to provide the working capital to support the continued growth of the business."

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