MidCap Financial and Ares Commercial Finance (ACF) announced that they have jointly provided an $80.0 million senior credit facility to a specialized trucking and environmental service provider, Action Enterprise Holdings, LLC d/b/a Action Resources. The MidCap and ACF credit facility refinanced Action Resources’ line of credit with a commercial bank and expanded the Company’s credit line to facilitate growth and provide for working capital needs.
Action Resources is a specialized trucking and environmental service provider headquartered in Birmingham, Alabama. The company operates 49 locations across 17 US states with approximately 1,200 employees. Across its four key business divisions, Action Resources provides oversized freight, hazardous waste transportation, third party logistics, and environmental remediation services to a diverse group of petrochemical, manufacturing, and other industrial companies.
MidCap Financial is a middle market‐focused, specialty finance firm that provides senior debt solutions to businesses across all industries throughout North America. The firm’s years of experience, strong balance sheet, and flexibility make it a lender of choice for companies across all stages of growth and complexity.
MidCap Financial refers to MidCap FinCo Designated Activity Company, a private limited company domiciled in Ireland, and its subsidiaries. MidCap Financial is managed by Apollo Capital Management, L.P., a subsidiary of Apollo Global Management, pursuant to an investment management agreement between Apollo Capital Management, L.P. and MidCap FinCo Designated Activity Company. References to MidCap Financial prior to January 2015 are to its predecessor, MidCap Financial, LLC. www.midcapfinancial.com
Ares Commercial Finance (ACF) is the asset‐based lending group for Ares Management, L.P. providing asset‐based revolving lines of credit and term loans, as well as stretch loans to middle market and lower‐middle market companies. In addition, ACF has the ability to provide cash flow loans to certain borrowers as well as asset‐backed facilities to specialty finance companies. Leveraging the breadth and experience of the Ares platform, ACF works with borrowers to understand their business, goals and needs and then deliver creative, flexible and comprehensive financing solutions. ACF’s asset‐based lines of credit may be structured as working capital and bridge financing, special accommodation financing, turnaround financing, debtor‐in‐possession financing, and acquisition financing. ACF’s asset‐based lending practice focuses on privately‐held and small public companies in the middle market and addresses a wide breadth of industries including manufacturing, distribution, wholesale, and service companies. www.arescommercialfinance.com.