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Siena Lending Group Closes $30MM Credit Facility for CST Industries

May 03, 2022, 07:25 AM
Filed Under: Specialty Industries

Siena Lending Group closed a $30 million asset-based credit facility for CST Industries, Inc.. The revolving credit facility was used to refinance existing debt and to provide additional working capital to support the Company’s turnaround and growth plan.

CST is a global leader in storage tank and cover solutions with an operating history dating back over a century. The Company is headquartered in Kansas City, MO, and is owned by Solace Capital Partners, a Los Angeles-based alternative asset manager with over $750 million of assets under management.

CST designs, manufactures and erects bolted and welded storage tanks as well as clear span aluminum geodesic dome roofs and other specialty roofing systems; they serve multiple industries including water, wastewater, fire protection, petrochemicals, industrial liquids, dry bulk products and agricultural materials. The Company has five manufacturing and design centers and multiple regional sales offices throughout North America and the United Kingdom.

Jeff Mueller, President and CEO of CST, said, “We are thrilled to partner with the Siena team. They efficiently delivered on what they promised providing the added flexibility that we need to take advantage of current business opportunities. Our shareholders and I are very pleased with the additional capital provided by Siena and look forward to our partnership.”

Chris Brothers, Managing Partner at Solace, added, “We are impressed with the way the Siena team approached the financing with CST. They were thorough and constructive, and they did what they said they would do. We are excited to partner with Siena so that CST can reach new levels of success and we look forward to working on more deals together.”

Dave Grende, CEO of Siena, said, “We are happy to deliver a more flexible financing that provides additional liquidity to help CST continue with their strategic plan and service their strong customer order backlog. Our group at Siena is impressed with what Jeff is accomplishing at the Company as well as the support provided by Chris and his team at Solace. We look forward to helping CST and Solace achieve their goals in the years ahead.”

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