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Cole Taylor Business Capital Provides $8MM Credit Facility to Cimarron Acid & Frac

March 21, 2014, 07:38 AM
Filed Under: Energy Services

Cole Taylor Business Capital, a division of Cole Taylor Bank, is pleased to announce it recently provided an $8 million senior revolving credit facility to Fairview, Oklahoma based Cimarron Acid & Frac LLC (CAF). CAF is a leading provider of pressure pumping services to the midcontinent oil and gas industry. The company provides acidizing, hydraulic fracturing, and other well stimulation services to leading independent exploration and production oil companies.

CAF is a portfolio company of Annapurna Capital Management, a multi-strategy hedge fund that makes private equity investments and is a global macro-oriented registered Commodity Pool Operator. Annapurna has locations in Greenwich, Connecticut and Nashville, Tennessee.

Iroquois Capital Group acted as both investment banker and junior capital provider to CAF. The lending arm of Iroquois Capital Group, Iroquois Financial Partners (IFP), based in Nashville, Tennessee, provides bridge and longer-term credit to profitable lower middle market borrowers in diverse industries. 

Commenting on the transaction, CAF chief financial officer, Mack Renner said, “The bankers involved in this transaction demonstrated a strong understanding of our business and a belief in our vision of what CAF can achieve. We are proud to be customers of Cole Taylor Business Capital and Iroquois Financial Partners and we look forward to a long-term, mutually beneficial relationship.” Annapurna Managing Partner, Marshall Brandt, added, “We couldn’t be more pleased with our financing partners in this transaction. This is a major milestone for CAF and positions the company for more great things in the future.” 

Cole Taylor Business Capital is the asset based lending division of Cole Taylor Bank. Cole Taylor Business Capital seeks asset-based lending opportunities in the $5 million to $50 million range and is offering dedicated syndication opportunities of up to $100 million.

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