RBS recently completed a $20 million senior credit facility for FM Global Holdings, Inc. d.b.a. FM Facility Maintenance. The proceeds will be used to provide working capital for growth and acquisition financing.
FM Chairman, Jim Barnes said, "This $20 million facility completes the third step of our acquisition capital plan which began with at $12.5 million equity raise last August followed by a $6.5 million mezzanine debt facility closed at year end. Combined with this $20 million facility, FM has sufficient capital to execute on its 2011 acquisition strategy."
The facility has accordion features to expand to $40 million.
Jim Reavey, President and CEO added, "Continuing strength in our core business coupled with 25 percent year over year growth has allowed FM to tap into substantial capital for acquisitions. FM will focus on purchasing companies that provide single trade services that are presently offered within our current 45 trades."
About FM Facility Maintenance
FM Facility Maintenance is a leading provider of facility management for clients with multisite restaurant and retail locations in the United States. The company provides an unparalleled level of service in more than 45 trades. FM Facility Maintenance manages over 30,000 customer locations nationwide, representing more than 2 million service transactions annually. Operating with an asset-light model, FM has a deep network with over 7,000 service providers. Current run rate revenues are approximately $350MM plus $100MM of pass through revenue. Based in Hartford, Connecticut, FM Facility Maintenance is privately held. More information is available at http://www.fmfacilitymaintenance.com.
Contacts:
FM Facility Maintenance
Juliette Smith, 860-466-7646
Executive
Assistant-Marketing
Juliette.smith@fmfacilitymaintenance.com
