News

FM completes $20 million credit facility

BY CSA STAFF

Hartford, Conn. — RBS recently completed a $20 million senior credit facility for FM Global Holdings (FM Facility Maintenance). The proceeds will be used to provide working capital for growth and acquisition financing.

FM chairman, Jim Barnes said, “This $20 million facility completes the third step of our acquisition capital plan which began with at $12.5 million equity raise last August followed by a $6.5 million mezzanine debt facility closed at year end. Combined with this $20 million facility, FM has sufficient capital to execute on its 2011 acquisition strategy.”

The facility has accordion features to expand to $40 million.

Jim Reavey, president and CEO added, “Continuing strength in our core business coupled with 25 percent year over year growth has allowed FM to tap into substantial capital for acquisitions. FM will focus on purchasing companies that provide single trade services that are presently offered within our current 45 trades.”

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Are you hiring seasonal employees this year?

View Results

Loading ... Loading ...
News

GE Capital: Retail CFOs more optimistic, look to invest

BY Marianne Wilson

Norwalk, Conn. — Retail CFOs of U.S. middle-market companies are becoming more optimistic concerning the state of the industry, according to the latest GE Capital survey of retail CFOs of companies with revenues ranging from $50 million to $1 billion.

Half (50%) of the surveyed CFOs plan to replace old equipment with newer, more efficient equipment as a way of improving operational efficiencies. The second most anticipated initiative to improve operational efficiency among the CFOs was a reduction in the number of suppliers (24%).

“Demand for financing from retailers has also increased substantially over the past 12 months as retailers move from cost containment to once again investing for the future,” said Jim Hogan, senior managing director, GE Capital, Corporate Retail Finance. “

Overall, retail CFOs are optimistic about the outlook for their industry, the U.S. economy and the world economy. Key findings include:

  • A majority (80%) of retail CFOs surveyed believe their company’s revenue will increase in 2011, a 26% point rise since first quarter 2010.
  • Thirty-eight percent expect to increase their capital expenditures this year.
  • Sixty percent expect the discount category to see the greatest increase in consumer spending in 2011. Twenty-two percent expect the luxury category to see an increase in consumer spending, up 14 percentage points from first quarter 2010.
  • Forty-three percent see increased new order pipelines this year, up 18% since third quarter 2010
  • Nearly one-third of retail CFOs expect an increase in their financing needs over the next 12 months

For more information on the GE Capital Middle-Market CFO Survey, visit gecapital.com/cfosurvey.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Are you hiring seasonal employees this year?

View Results

Loading ... Loading ...
News

Toy industry loses long-time veteran

BY CSA STAFF

Sydney Rosen, former chairman of Rose Art Industries and a toy industry veteran, died on June 2 at the age of 94.

Rosen’s career in the toy industry began when he went to work for his father’s company, Rosebud Art, following a medical discharge from the army. Rosen’s father Isidor was an artist and lithographer by trade, creating children’s toys and arts and craft sets, games and puzzles, and eventually Sydney and his brother Irving took over the business themselves as Isidor retired. Ultimately Rosen bought his brother’s share.

Over the years Rosen developed the Rosebud Art Company, which he renamed Rose Art Industries, from a small supplier of American flags and toys to a successful and enduring business, creating many of the Rose Art products himself.

After a fire in 1985 destroyed the Rose Art family, the Rosen family rebuilt the company inot thepreeminent manufacturer of toys and stationery including games and puzzles, which was eventually sold in 2005. At the peak sales were over $375 million and there were over 4000 employees worldwide.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Are you hiring seasonal employees this year?

View Results

Loading ... Loading ...