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Crystal Financial Provides Financing for Circle 8 Crane Services

July 11, 2017, 06:53 AM
Filed Under: Cranes

Crystal Financial announced the closing of a Senior Secured Term Loan for Circle 8 Crane Services, Inc. (“Circle 8 Crane Services”) as part of a broader recapitalization of the business led by Trive Capital. Founded in 2007, the Company is one of the largest operated crane and equipment rental businesses in the Southern U.S. The Company’s owned and operated machinery is used by a wide variety of businesses in the oil and gas, commercial and industrial sectors.

“Crystal demonstrated the ability and appetite to provide capital to a business navigating a challenging macro environment. They shared our vision and confidence in Circle 8’s ability to stabilize their business and expand into other markets. We look forward to a long-term, productive relationship,” said Shravan Thadani, Vice President, Trive Capital.

Andrew Hettinger, Senior Managing Director, Crystal Financial said, “Circle 8 is a well-established and successful player in the crane rental market. We are excited to partner with Trive and the Company as they continue to expand their services to the commercial and industrial markets in Houston while growing their leadership position in the oil & gas market.”

Crystal Financial LLC, a portfolio company of Solar Capital Ltd. is an independent commercial finance company that provides senior and junior secured loans for both asset-based and cash flow financings (minimum of $10 million in fundings) to middle-market companies. Its team of experienced, responsive professionals has underwritten, closed and managed more than $20 billion in secured debt commitments across a wide range of industries.

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