FrontWell Capital Partners upsizes credit facility to Mara Technologies to $45M
by CM Staff
The facility, comprised of a revolver and a term loan, will be used by Mara to refinance its existing debt and will provide additional working capital liquidity.
TORONTO — FrontWell Capital Partners Inc. announced the increase of its secured credit facility with Mara Technologies Inc. and Mara Technologies USA Inc. to CAD$45 million. Mara is a manufacturer of electronic boards and assemblies focused in infrastructure, broad band communications and power management systems. Mara is a subsidiary of the Invotek Group, a company involved in electronics manufacturing services based in Markham, Ontario.
The facility, comprised of a revolver and a term loan, will be used by Mara to refinance its existing debt and will provide additional working capital liquidity to support Mara’s growth and its expansion into the United States. Mara is in the process of launching a new manufacturing facility in Holly, Michigan to accommodate a new contract with one of Mara’s major existing customers and to add capacity in the United States for the expanding battery power management market.
“We are pleased to expand our facility with Mara to enable the company to benefit from the significant growth opportunities it is seeing.” said Patrick Dalton, Chief Executive Officer of FrontWell.
“We value the partnership that we have with FrontWell and their willingness to participate in our extraordinary growth.” said Paul LaCroix, Chief Executive Officer of Mara Technologies and the Invotek Group of companies.
Headquartered in Toronto, FrontWell Capital Partners provides transitionary senior debt financing to middle-market companies in the United States and Canada.
