GB Merchant Partners Agents $30 Million Term Loan to Schuff International
BOSTON, Jan. 12, 2012 /PRNewswire/ — The Debt Investment Group of GB Merchant Partners, the investment management affiliate of Gordon Brothers Group, acting as Agent, announced today the completion of a $30 million term loan to Schuff International Inc. This loan will be supported by the Company’s assets, specifically real estate. Schuff International (OTC: SHFK) is one of the largest steel fabrication and erection companies in the United States.
“The financing from GB Merchant Partners allowed us to take an opportunity to purchase, at a favorable price, stock from two major shareholders, and thereby, increasing stockholder value,” stated Mike Hill, CFO of Schuff International.
“We are pleased to support the company and provide the liquidity needed to allow Schuff to execute its strategic agenda,” added Gary Prager, Managing Director, GB Merchant Partners. “We feel Schuff is uniquely positioned to take advantage of improving economic trends in 2012.”
Founded in 1976, Schuff International has experienced substantial growth, performing projects throughout the country. Schuff offers integrated steel construction services from a single source including design-build, design-assist, project management, and single-source steel management systems.
About Schuff International, Inc.
Schuff International, Inc. (SHFK) and its family of steel companies is the largest steel fabrication and erection company in the United States. The 35-year old company executes projects throughout the country as well as internationally. Schuff offers integrated steel construction services from a single source including design-build, design-assist, engineering, BIM participation, 3D steel modeling/detailing, fabrication, advanced field erection, joist and joist girder manufacturing, project management, and single-source steel management systems. Schuff International, Inc. employs approximately 1,200 people throughout the country.
About GB Merchant Partners, Debt Investment Group
The Debt Investment Group of GB Merchant Partners (www.gbmerchantpartners.com), the investment management affiliate of Gordon Brothers Group, originates, structures and invests in private market debt. Structured debt investments in the form of senior, unitranche, second lien or mezzanine loans ranging from $10 to $50 million are made to middle-market companies in need of capital to effect strategic change. Target industries include aerospace, automotive, commodities, consumer products, forest products, gaming, industrial equipment, manufacturing, real estate, restaurants, retail, and wholesale/distribution.
SOURCE Gordon Brothers Group