Business
Ares Commercial Finance and Ansley Park Capital Provide Asset Based and Equipment Financing to Shimmick Corporation
NEW YORK--(BUSINESS WIRE)-- Ares Commercial Finance (“ACF”) announced today that it has provided a $15 million senior secured revolving line of credit to
About this update from Shimmick Corporation
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nAres Commercial Finance (“ACF”) announced today that it has provided a $15 million senior secured revolving line of credit to Shimmick Corporation (“Shimmick” or the “Company”), an Irvine, California-based infrastructure solutions provider in water, climate resilience, energy transition and sustainable transportation. Ansley Park Capital (“Ansley Park”), an affiliate of Ares Management, provided a complementary $15 million machinery and equipment term loan, the combination of which delivered a complete financing solution.\n\n\n“Our goal from the beginning was to provide Shimmick with a one-stop solution for working capital and equipment finance needs,” said Mitch Drucker, Partner, Ares Commercial Finance. “Ares and Ansley Park worked in lockstep to customize a credit facility that met Shimmick’s immediate and longer-term financing goals. We look forward to supporting the Company as they manage their robust pipeline of projects in 2025 and beyond.”\n\n\nSpeaking on behalf of Ansley Park Capital, Michael Gay, Executive and Chief Commercial Officer, said: “We are proud to invest in a company that has consistently delivered high-impact infrastructure solutions for over 30 years. Our customized financing approach ensures that experienced operators have access to the capital they need to optimize performance and pursue long-term growth.”\n\n\nProceeds from the working capital financing will be used to refinance existing indebtedness and provide the Company additional liquidity.\n\n\nAbout Shimmick Corporation\n\n\nShimmick Corporation (\"Shimmick\", the \"Company\") (NASDAQ: SHIM) is an industry leader in delivering turnkey infrastructure solutions that strengthen critical markets across water, energy, climate resiliency, and sustainable transportation. We integrate technical excellence with collaborative project delivery methods to provide innovative, technology-driven infrastructure solutions that accelerate economic growth and empower communities nationwide. With a track record that spans over a century, Shimmick, headquartered in California, unites deep engineering heritage with entrepreneurial spirit to tackle today's most complex infrastructure challenges. For more information, visit www.shimmick.com.\n\n\nAbout Ares Commercial Finance\n\n\nAres Commercial Finance is the commercial finance platform ...