MONTREAL, Sept. 30, 2015 /CNW Telbec/ - GE Capital, Canada announced today that it served as administrative agent and sole lender on a $13.0 million credit facility to Canam Group Inc., North America's largest steel components fabricator. The proceeds will be used to finance capital expenditures and business acquisitions and to provide working capital.
Specializing in designing construction solutions and fabricating customized products since 1961, Canam Group takes part in an average of 10,000 building, structural steel and bridge projects each year. It operates 22 plants across North America and employs over 4,100 people in Canada, the U.S., Romania, India and Hong Kong.
"Through increased flexibility and liquidity, this credit facility will be helpful in reallocating debt on our balance sheet as we execute our strategic growth plan," said René Guizzetti, vice president and chief financial officer of Canam Group. "We appreciate collaborating with a lender that has a deep expertise in the manufacturing industry and the construction sector."
"We've completed more than $130 million in transactions during our decade-long relationship, and we're pleased to continue supporting Canam Group in the achievement of its business goals," said David Gladu, leader of the manufacturing vertical within GE Capital, Canada. "We're pleased when we can devise customized and flexible financial solutions that will help our clients concentrate on growing their businesses."
About GE Capital
With 17 offices throughout Canada, GE Capital (www.gecapital.ca) offers a wide variety of financial products and services to address commercial financing and fleet management needs in many phases of a business' lifecycle. From equipment finance to working capital and growth financing to large asset-based and restructuring loans, we apply our 30 years of experience in the Canadian market and wealth of industry expertise to develop custom solutions for your company. Some of the industries in which we specialize include transportation, construction, manufacturing, aerospace, automotive, mining, energy, wholesale, retail, and restaurant and hotel franchise financing.
GE (NYSE: GE) is the world's Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com.
SOURCE GE CAPITAL CANADA
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