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NewStar Business Credit Provides $11MM to Axis Crane

September 05, 2013, 08:02 AM
Filed Under: Rental Equipment

NewStar Business Credit, a wholly-owned subsidiary of NewStar Financial, Inc., provided credit facilities totaling $11 million to Axis Crane, LLC.  Headquartered in Sherwood, Oregon, Axis is a full-service crane rental company supplying hoisting and rigging solutions to customers throughout the Pacific Northwest.  Axis is a portfolio company of Westward Partners, LLC, a private equity firm based in Seattle, WA.  The credit facilities, which include revolving and term loans, were used to finance Westward’s acquisition of Axis and to provide ongoing working capital.

“Axis has grown to become a leader in the Northwest and trusted partner to contractors in the area, and we now have the right lending partner in Newstar to support the company as they execute on these opportunities" stated Andy Baldridge, Founder and Partner at Westward.

“We were pleased to have this opportunity to support Westward in their acquisition and continue our expansion in the Pacific Northwest marketplace,” said NewStar EVP, Milton Iskra.  NewStar’s Lisa Adams, an SVP located in Portland, OR, originated the transaction.

NewStar Business Credit provides asset-based and senior, secured “stretch” loans nationally to middle market companies with credit requirements between $5 million and $25 million. Deal structures are flexible and tailored to meet each client’s unique needs.  Funds can be used for a wide range of purposes, including strategic acquisitions, management buyouts, recapitalizations and refinancings, as well as, to support internal growth strategies.

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