Related Professionals
Core States Group (“Core States”), headquartered in Ambler, PA, is a highly regarded provider of integrated architecture, construction, engineering and signage services for the multi-site, small-box restaurant, banking, petroleum convenience store and retail industries. Core States also provides energy engineering and installation services, including fuel cells, solar farms, batteries, microgrids and other distributed grid-edge technologies for big-box retailers, data centers, telecommunications facilities and other critical-need end users. The company was founded in 1999, and has since rapidly grown to more than 360 multidisciplinary employees in 15 offices throughout the U.S. serving clients in all 50 states and Canada.
Situation
Core States devised an acquisition strategy to complement its organic growth, particularly in new geographic markets, or to obtain new customers. Before executing this strategy, the company wished to secure “dry-powder” financing to fund future acquisitions. In addition, Core States wanted to repay subordinated debt. The company’s existing bank and new potential lenders approached by management were either unable to meet Core States’ goals or did so with unacceptable terms.
Solution
Griffin was engaged by Core States to design a senior debt recapitalization plan that met the various objectives of the company. Ultimately, Core States settled on a leverage structure that would enable it to purchase all of its current acquisition targets, while also refinancing its existing debt, and provide ongoing working capital financing. Griffin managed a competitive senior debt capital raise process with its broad network of lenders, and Core States ultimately selected Citizens Bank as its new senior lender in a transaction that closed in November 2018.
For more information on this transaction, contact John A. Lee, Senior Managing Director, at 610.205.6106 or Thomas A. Hill, Vice President, at 610.478.2034. For more information on Griffin’s services in general, contact any one of our investment banking professionals.
