TEXTILES.ORG
Company obtains new long-term financing; improves liquidity position to execute global strategy
Contech Engineered Solutions LLC (formerly Contech Construction Products Inc.), a provider of engineering and site solutions for the residential, commercial, and infrastructure markets, announced in a Feb. 8 press release changes that re-position the company for the future.
West Chester, Ohio-based Contech said in the release:
- that it has new ownership in place;
- new equity investors include Anchorage Capital Group LLC, Littlejohn & Co. LLC, Tennenbaum Capital Partners LLC, and Farallon Capital Management, LLC;
- that these investors have worked with Contech, its equity partners, and its senior lenders to recapitalize the company and secure long-term financing;
- that it has changed its corporate name to Contech Engineered Solutions LLC, effective immediately.
“We believe this new name more accurately reflects who we are today. We do more than just provide construction products; we provide innovative engineering and site solutions,” said Ron Keating, Contech’s president and CEO.
Additionally, Contech announced that it secured new long-term financing and entered into a new credit facility with Wells Fargo Bank N.A. (administrative agent) in the aggregate principal amount of $125 million, as well as a revolving loan commitment of up to $100 million, according to the press release.
As part of the new financing agreements, new ownership structure, and the company’s ongoing capital improvement initiatives, it has removed 100 percent of its past revolving and term loan obligations.
Contech Engineered Solutions’ products and services for the civil engineering industry include bridges, drainage, retaining walls, sanitary sewer, stormwater, erosion control, and soil-stabilization solutions.
Read an article about Tensar Corp. assuming control of its geogrid distribution, concluding a 25-year alliance with Contech.