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Avidbank Provides School of Rock With Credit Facilities to Support Growth

April 03, 2018, 08:00 AM
Filed Under: Educational

Avidbank Specialty Finance, a Division of Avidbank that specializes in technology, sponsor finance and asset-based lending, has provided School of Rock, Inc. (SOR) a line of credit and term loan to help bolster the company’s plans for growth.

Founded in 1998 and headquartered in Canton, Massachusetts, SOR is a global leader in performance based music education, offering a variety of dynamic music instruction and artist development programs to engage students of all skill levels. Currently, SOR has 207 schools in the U.S. and abroad.

SOR is majority-owned by Sterling Partners, a private equity firm headquartered in Chicago, Illinois. The facilities provided by Avidbank were put in place to furnish working capital and to support the anticipated growth.

"We have strong momentum and ambitious goals, which include accelerating our same-school growth, filling out existing markets and expanding our global footprint beyond our ten current countries," said Rob Price, School of Rock CEO. "We look forward to the additional flexibility that our relationship with Avidbank will provide."

“School of Rock is an ideal example of the type of business that benefits from our brand of innovative financing solutions,” said Larry LaCroix, Executive Vice President and Head of Avidbank’s Specialty Finance Division. “We truly appreciate their confidence in our team and the opportunity to help them build on their remarkable past successes.”


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