MIAMI and RALEIGH, N.C., Oct. 23, 2013 /PRNewswire-iReach/ -- ACM Capital Partners announced it has obtained $8 million in asset based financing from Hennessey Capital, a division of Hitachi Capital America Corp. for its client, TowerComm, a veteran of wireless tower services based in Raleigh, North Carolina. TowerComm's core business is network and construction services, including new site builds, site modifications, radio work, and site maintenance.
ACM was hired by the equity sponsor to assist TowerComm in late 2011 during a trough in the industry cycle. They used this slow period to streamline the operations, restructure legacy debt and position the company for growth. They then brought in a permanent CEO from within their ranks to execute the growth strategy. As a result, the company doubled its revenue in 2012 and again in 2013 under new CEO, Mike Rowe's leadership; and is poised for a phenomenal year in 2014. In order to fully execute the growth strategy, the company needed a larger and more competitively priced asset based loan with which to fund working capital. "We recognized the need, listened carefully to Mr. Rowe and found the right partner in Hennessey Capital", said Jim Martin, ACM's Managing Partner.
According to Rowe, "ACM led a very smooth process which was just three months long. They brought us various lending options from which to choose. In the end, we selected Hennessey Capital due to their competitive pricing coupled with their experience in our industry. The ABL facility will provide TowerComm with strong availability and excess liquidity which will enable us to grow the business. ACM delivered value far exceeding my expectations."
"ACM Capital Partners did a great job in arranging Hennessey's line of credit to TowerComm. They recognized that, beyond our extremely competitive loan structure, we have a sound understanding of and eagerness to support the fast-growing cellular infrastructure industry," said Toby Dahm, Senior Vice President & ABL Portfolio Manager of Hitachi Capital America Corp.'s Michigan office. "We believe that TowerComm's management team and board of advisors are strong and have a solid vision to execute a rapid growth strategy and we are pleased to be their chosen working capital partner."
About ACM Capital Partners
Headquartered in Miami, ACM Capital Partners is a national financial and operational advisory firm specializing in assisting middle market companies in transition or distress. ACM's team of professional advisors has assisted clients ranging from small businesses to Fortune 100 Companies. The ACM team brings decades of experience to every client engagement, and has built a reputation of helping clients create value and provide strategic solutions to both short and long-term financial issues. Since 2008, ACM has successfully completed 100 assignments and capitalized or recapitalized over $1.2 billion. ACM Capital Partners is proud to be recognized in Inc. 500/5000 as one of the fastest-growing private companies in America in 2013.
About Hennessey Capital
Hennessey Capital is a division of Hitachi Capital America and provides revolving lines of credit secured by A/R, inventory, and equipment along with factoring of accounts receivable for small- and middle-market companies across the United States. Facilities range from initial invoicing to $5 million and beyond and are used as primary loan facilities, for restructuring current
Media Contact: Tiffany Augusta, ACM Capital Partners, 305-960-8933, firstname.lastname@example.org
News distributed by PR Newswire iReach: https://ireach.prnewswire.com
SOURCE ACM Capital Partners