Siena Lending Group announced ("Siena") the completion of a three-year $6.7 million credit facility for ITG Communications, LLC (“ITG”) to refinance their existing senior debt and to support their continued growth. The facility included a $5 million asset based revolver and a $1.7 million term loan. SSG Capital Advisors acted as the exclusive financial advisor and investment banker to ITG.
Headquartered in Hendersonville, TN, ITG Communications, LLC is a national provider of fulfillment, construction and project management services to the cable and telecommunications industries. ITG was acquired by its current owners in 2014 and operates throughout the Central and Southeastern U.S.
David Grende, President and CEO of Siena Lending Group, said, “we are pleased to have been able to work with Peter and his team as well as SSG to get this transaction closed, with a few twists and turns along the way. The Company is well regarded by their major customer and we are pleased to provide the runway for the growth they are experiencing.”
Commenting on the announcement, Peter Giacalone, Co-Founder and Chairman of ITG Communications, LLC, stated, “We look forward to working with the Siena team to support our growth initiatives over the next several years. The structure of our credit facility will allow us to expand our market share in our current locations and expand into new projects.”
Mark Chesen, Managing Director of SSG Capital Advisors, said, “Siena provided a creative financing solution beyond what you expect from an asset based lender that allows ITG to continue to implement its impressive growth plan in multiple territories throughout the country without having to give up equity.”