BOSTON--(BUSINESS WIRE)--Crystal Financial LLC, an independent commercial finance company, today announced the closing of a Senior Secured Term Loan for Circle 8 Crane Services, Inc. (“Circle 8 Crane Services”) as part of a broader recapitalization of the business led by Trive Capital. Founded in 2007, the Company is one of the largest operated crane and equipment rental businesses in the Southern U.S. The Company’s owned and operated machinery is used by a wide variety of businesses in the oil and gas, commercial and industrial sectors.
“Crystal demonstrated the ability and appetite to provide capital to a business navigating a challenging macro environment. They shared our vision and confidence in Circle 8’s ability to stabilize their business and expand into other markets. We look forward to a long-term, productive relationship,” said Shravan Thadani, Vice President, Trive Capital.
Andrew Hettinger, Senior Managing Director, Crystal Financial said, “Circle 8 is a well-established and successful player in the crane rental market. We are excited to partner with Trive and the Company as they continue to expand their services to the commercial and industrial markets in Houston while growing their leadership position in the oil & gas market.”
About Crystal Financial LLC
Crystal Financial LLC, a portfolio company of Solar Capital Ltd. is an independent commercial finance company that provides senior and junior secured loans for both asset-based and cash flow financings (minimum of $10 million in fundings) to middle-market companies. Its team of experienced, responsive professionals has underwritten, closed and managed more than $20 billion in secured debt commitments across a wide range of industries. For more information, please visit www.crystalfinco.com.
About Trive Capital
Trive Capital is a Dallas, Texas-based private equity firm investing in equity and debt securities with over $1 billion in assets under management. Trive focuses on investing in what it sees as strategically viable middle-market companies with the potential for transformational upside through operational improvement. Trive seeks to maximize total returns to its investors through a hands-on, collaborative partnership with management teams and equity partners.
About Circle 8 Crane Services, Inc.
Headquartered in Corpus Christi, Texas, Circle 8 provides operated and maintained crane lifting and pumping services to the oil and gas, commercial and industrial markets in the Southern United States. The company services oil and gas operations in the Permian Basin, Eagle Ford, Mid-Continent region, East Texas and Louisiana, in addition to a variety of petrochemical, refinery and commercial projects along the Gulf Coast region. Circle 8 owns and operates one of the largest fleets of mobile and all terrain cranes in the territories it serves, as well as a fleet of auxiliary vehicles and equipment.