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FocalPoint Advises Gross & Janes in Refinancing With Siena Lending, CapX Partners

April 20, 2016, 07:58 AM
Filed Under: Distribution

Gross & Janes Co. (G&J) has completed a recapitalization, including an asset-based revolving credit facility from Siena Lending Group LLC and a term loan provided by CapX PartnersFocalPoint acted as exclusive financial advisor to G&J.

Headquartered in St. Louis, MO, with operations in Missouri, Arkansas and Texas, Gross & Janes is the largest independent supplier of untreated railroad ties in North America. Over the past 90 years, the Company has developed a leading customer base consisting of the largest class 1 railroads in the U.S. as well as introduced innovative products to the industry.

Michael DiRaimondo, CFO of Gross & Janes, commented, "Working with the FocalPoint team was a real pleasure. They did a great job of identifying potential lenders, coordinating the selection process, and overseeing the diligence and closing procedures within a very tight timeframe. They were truly instrumental in assisting Gross & Janes in the successful refinance of our operation with a lender who fits our needs."

Regarding the transaction, Michael Fixler, Managing Director at FocalPoint, said, "This showcases the results our clients achieve through the combination of our special situation and capital market practices, leveraging our relationships with non-bank lenders to craft optimal funding solutions.  Gross & Janes is an outstanding company with a long history that faced industry headwinds and we are happy to have been able to assist the Company in moving forward with its new lending partners."   

David Grende, President and CEO of Siena Lending Group, said, "We are very pleased to provide the credit facility to Gross & Janes, allowing the company to take advantage of the current industry demand for their product. We were able to understand the industry dynamics to solve their liquidity needs and were able to complete the transaction within the timeframe required by the company."

Jeffry S. Pfeffer, Managing Partner at CapX Partners, said, "CapX appreciates FocalPoint's deep understanding of the railroad supply chain and that CapX could be a value added term debt provider alongside another working capital lender.  Gross and Janes has a deep history in supplying railroad ties to the top industry operators and their professional management team gives CapX confidence in their ability to thrive. We enjoyed working with the Siena Lending team to get the transaction closed and our mutual client back to growing its business."

Siena Lending Group is an independent commercial finance company offering asset based loans up to $30 million to small- and middle-market businesses across the United States. Siena also offers a turn-key servicing platform, which provides an attractive asset based product for community and regional banks that desire improved operating metrics and asset diversification.

Founded in 1999, CapX Partners provides capital to middle-market companies, private equity sponsored and venture capital backed firms. CapX principals have met with thousands of companies and their owners to evaluate their wide-ranging business situations and capital needs. CapX generally funds opportunities up to $20 million in situations such as new plant expansions, manufacturing lines, channels of distribution and services to new customers.

FocalPoint is an independent investment bank, specializing in mergers and acquisitions, private placements (both debt and equity), financial restructurings, and special situation transactions. With offices in Los Angeles and Chicago, the firm serves middle-market clients throughout the U.S.  Since its inception in 2002, FocalPoint has completed approximately $5 billion in transactions.

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