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First Capital Provides $7.5MM Facility to Crash Rescue Equipment Service

January 16, 2013, 07:50 AM

First Capital provided a $7.5MM revolving line of credit to Crash Rescue Equipment Service, a remanufacturer of high-end fire and rescue trucks. The senior credit facility consists of a $6 million working capital revolver collateralized by accounts receivable and inventory and a term loan in the amount of $1.5 million.

First Capital was referred to Crash Rescue Equipment by a prominent Dallas business consultant working with the company, primarily because of First Capital’s proven ability to understand a complicated business plan and provide a credit facility that was flexible enough to fund their existing needs as well as provide capital for anticipated growth.

“The First Capital team was responsive and quickly put together a tailored package that will help us reach our projected growth” remarked Kevin Ashton, CEO of Crash Rescue. “In just a short period of time, they proposed and completed a financing package that we believe will meet our needs now and provide capital for future growth.”

“First Capital is pleased to have been in a position to tailor a financing program for the ownership team at Crash Rescue,” remarked Chris Gouskos, vice president and head of business development for the Texas Market of First Capital’s ABL Central Region. “The company has a strong history of providing quality products and service to its customers throughout the country and we are looking forward to a long and successful relationship with the management team.”

This transaction will be serviced by First Capital’s ABL Central Region managed by John Curtis, EVP and ABL Central Region Manager.

First Capital is one of the largest independent asset-based working capital lenders in the United States. Headquartered in New York City, the firm has additional full-service offices in Atlanta, Boynton Beach, Ft. Lauderdale, Los Angeles, and Oklahoma City with other sales offices located across the United States.

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