GOLDSBORO, N.C. -- Wayne Oil Co. Inc., a privately held wholesale petroleum product supplier and retail gas and convenience store chain operating nearly 50 locations in North Carolina under the Ballpark Stores brand name, has closed a $4.73 million debt recapitalization through Essex Capital Group Inc.
Essex successfully arranged a new SBA 7(a) credit facility through a southeastern commercial bank that was secured by company assets. The new debt structure allowed the Goldsboro, N.C.-based company to substantially reduce monthly debt service while providing additional working capital to support operations and growth opportunities.
"In the 76-year history of our family-owned business, a family member has typically been in the leadership role of financing or refinancing initiatives," said John C. Strickland, Wayne Oil's chairman. "Today's financing dictates that you engage with professionals that understand your company's needs and also what will provide the most long-term benefit for the company. Bob and Rob have been extremely instrumental and effective in our recent refinance, and it is doubtful we could have achieved the outcome we achieved without their assistance, and in an unusual business and economic climate too."
Essex Capital acted as the company's exclusive advisor in this transaction.
Essex Capital Group is a Tampa, Fla.-based corporate finance firm serving small- and middle-market privately held companies located throughout the United States. Since inception in 2003, Essex has successfully arranged in excess of $450 million for its corporate finance clients.
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