Business
Great Rock Capital Closes $31.7 Million Term Loan Facility with SMG Industries, Inc.
Great Rock Capital Closes $31.7 Million Term Loan Facility with SMG Industries, Inc..
About this update from Smg Industries, Inc.
[{"type":"text","content":"\n\n\n\nGreat Rock Capital Closes $31.7 Million Term Loan Facility with SMG Industries, Inc.\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nGreat Rock Capital Closes $31.7 Million Term Loan Facility with SMG Industries, Inc.\nPR Newswire\nWESTPORT, Conn., July 25, 2023\n\n\n\nCapital to support strategic acquisition\nWESTPORT, Conn., July 25, 2023 /PRNewswire/ -- Great Rock Capital, an asset-focused commercial finance company specializing in middle market lending, announced today the closing of a $31.7 million senior secured term loan facility with SMG Industries, Inc. (\"SMGI\"), a publicly traded company (OTCQB: SMGI). SMGI is a growth-oriented transportation services company focused on the domestic infrastructure logistics market.\nThe term loan was used to finance a strategic acquisition and merger of the Barnhart Transportation group of companies (\"Barnhart\"), a 20-year-old established logistics service provider. Great Rock partnered with the revolver lender, a leading commercial banking institution, to create a financing structure that will maximize the company's liquidity. \n\"Great Rock customized a structure that increased liquidity by optimizing the value of our fixed assets to support the acquisition and successful merger of Barnhart,\" commented Matt Flemming, CEO of SMGI. \"We are excited about our new financial partnership and what it entails for the future growth of our platform.\"\n\"The team's combined expertise and focus on superior customer service will propel this business to new levels of growth,\" said Stuart Armstrong, CEO of Great Rock Capital. \"We look forward to working with this experienced management team as they capitalize on this milestone and expand their industry footprint.\"\nAbout Great Rock CapitalGreat Rock Capital is an asset-focused commercial finance company that specializes in serving the needs of middle market companies across the United States and Canada. The Company provides fast, flexible, and creative financing solutions that maximize liquidity and provide growth capital. The seni...