PALO ALTO, Calif.--(BUSINESS WIRE)--Avidbank Specialty Finance, a Division of Avidbank that specializes in technology and asset-based lending, has provided LightPath Technologies with new a $5 million acquisition term loan in addition to renewing an existing line of credit.
Headquartered in Orlando, Florida, and with facilities in Shanghai and Zhenjiang, China, LightPath designs, manufactures, and distributes optical and infrared components and sub-systems, and custom optical assemblies.
Jim Gaynor, President and Chief Executive Officer of LightPath, said, “We are excited to have consummated the acquisition of ISP Optics Corporation as planned and welcome ISP employees to the expanding global LightPath team. This transformative acquisition was made possible through a fully subscribed underwritten public offering of common stock along with a term loan through Avidbank. We appreciate the great working relationship we have with Avidbank and the confidence they have given to LightPath as we grow our company. The combination of LightPath and ISP positions us for continued growth with greater scale and scope to offer a comprehensive platform of visible and infrared solutions.”
“We have worked with LightPath Technologies since 2013 and are pleased to expand our relationship as they enter the next stage of growth. We look forward to supporting the company as it gains synergies from this combination and scales to become the market leader,” stated Stephen Chen, Avidbank Specialty Finance Relationship Manager.
Avidbank Holdings, Inc. (OTCBB:AVBH), headquartered in Palo Alto, California, offers innovative financial solutions and services. We specialize in the following markets: commercial & industrial, specialty finance, asset-based lending, real estate construction and commercial real estate lending, and real estate bridge financing. Avidbank advances the success of our clients by providing them with financial opportunities and serving them as we wish to be served – with mutual effort, ingenuity and trust – creating long-term banking relationships.
About LightPath Technologies
LightPath Technologies is a recognized leader in optics and photonics solutions, serving blue chip customers in the industrial, defense, telecommunications, testing and measurement, and medical industries, for over 30 years. LightPath designs, manufactures, and distributes optical and infrared components including molded glass aspheric lenses and assemblies, infrared lenses and thermal imaging assemblies, fused fiber collimators, and gradient index GRADIUM® lenses. LightPath also offers custom optical assemblies, including full engineering design support for both optics and mechanics.