Bank of America has refinanced The FNA Group. Livingstone acted as the exclusive financial advisor to FNA. Terms of the deal were not disclosed.
Livingstone, the leading independent, international investment banking firm, is pleased to announce the successful refinancing of The FNA Group, Inc. (“FNA” or the “Company”) by Bank of America. The refinancing approximately doubles FNA’s borrowing capacity and provides the Company with the capital it needs to not only execute its core business plan but also aggressively evaluate product line expansion and other strategic growth opportunities. Livingstone acted as the exclusive financial advisor to FNA. Terms of the deal were not disclosed.
Headquartered in Elk Grove Village, Illinois, FNA is North America’s leading manufacturer of pressure washers, pumps, hoses, and replacement parts to leading retailers throughout the United States. The Company’s portfolio of owned and licensed brands include DEWALT®, BLACK & DECKER®, SIMPSON®, DELCO®, POWERWASHER®, TASKMASTER® and MONSTER HOSE.
“We are thrilled with the opportunity to forge a partnership with Bank of America – a group that clearly articulated their understanding of our business from day one. With Bank of America’s financial wherewithal and the Company’s growth plan and vision, we look forward to a very long and prosperous relationship,” said Gus Alexander, Founder, CEO and President of FNA. “The refinancing process could not have gone smoother. The Livingstone team outlined a game plan at the onset of our process and executed the plan with precision.”
Livingstone Managing Director Joseph Greenwood added, “Working with a family-owned business like FNA it was imperative that we balanced not only the immediate needs of the Company but also the right long-term fit. Livingstone has been a trusted advisor to FNA for several years and we look forward to working with them as they accelerate into the next phase of their plan.”
“FNA follows on the heels of similar Livingstone capital raising transactions, with six completions in the last 12 months. Our ability to access the debt markets for our clients has resulted in several successful closings where the terms and structure have surpassed our client’s expectations,” commented Livingstone Debt Capital Markets Director Tom Lesch.