WESTPORT, Conn., Oct. 20, 2020 /PRNewswire/ -- Great Rock Capital, an asset-focused commercial finance company specializing in middle market lending, today announced the close of a $16 million senior secured credit facility with Virginia Explosives & Drilling Company (VEDCO), a leading full service drilling and blasting company.
The increased borrowing capacity provides VEDCO with additional liquidity to execute on their short and long-term growth objectives. The tailored facility includes a term loan as well as a revolver.
"The Great Rock Capital team quickly understood our capital needs and customized a structure that maximizes our liquidity as our business evolves," said Kevin Staton, CFO of VEDCO. "We look forward to partnering with Great Rock Capital as we execute on our strategic growth plan and continue to develop deep, long-standing customer relationships, which we believe are the cornerstone of our success."
"VEDCO is led by an innovative and experienced management team that is well positioned for continued growth," said Stuart Armstrong, CEO of Great Rock Capital. "VEDCO's unmatched industry expertise and strong customer relationships have helped the firm build a very successful business. We are excited to be their financial partner and look forward to being part of their next level of growth."
About Great Rock Capital
Great Rock Capital is an asset-focused commercial finance company specializing in serving the needs of middle market companies with a wide variety of secured lending products. Great Rock Capital provides fast, flexible, and creative financing solutions to maximize its customers' liquidity to enable them to better execute their business plans. To learn more, visit www.greatrockcapital.com.
About Virginia Explosives & Drilling Company
Virginia Explosives & Drilling Company, Inc. delivers contract drilling and blasting services for the coal mining, quarry, and construction industries through its wholly-owned subsidiaries, Austin Sales, LLC and Virginia Drilling Company, LLC. Austin Sales serves as the re-sale and product delivery arm of the business and has been a constant in Central Appalachia dating back to 1935. Virginia Drilling Company is the service arm of the business providing drilling, blasting or drilling and blasting services to our customer base.
Great Rock Capital Contact:
Jenn Cronin
Managing Director, Marketing and Business Development
(203) 557- 6277
cronin@greatrockcapital.com
View original content:http://www.prnewswire.com/news-releases/great-rock-capital-closes-16-million-credit-facility-with-vedco-301155814.html
SOURCE Great Rock Capital