Xtreme Manufacturing and Snorkel have secured an asset-based loan (ABL) for up to $65 million to support future growth of the businesses. The ABL is a revolving line of credit that will grow as the businesses grow.
Finalized with JPMorgan Chase Bank, N.A. (North America) on May 18, the ABL will be used to retire existing debt, including $15 million owed to Ahern Rentals, and to provide working capital for continued global growth of both Xtreme and Snorkel.
“Both of our manufacturing businesses have experienced significant growth in the past four years, and are now poised for further growth thanks to strong market conditions globally, as well as the hard work of our teams who have expanded our customer footprint and developed world leading products," said Don Ahern, owner of Xtreme Manufacturing, and majority shareholder in Snorkel. “The time is right for us to secure this access to external funding to enable us to invest further in our global manufacturing capabilities, product development, and customer service, taking our businesses to the next level.”
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