Opus Bank’s Commercial Banking division provides $3,216,000 in debt financing to Coast Environmental Duct Cleaning, Inc.
Overview of Transaction
Coast Environmental Duct Cleaning, Inc. (“Coast Environmental”) is a leading Indoor Air Quality (IAQ) and life safety services provider to hospitals and healthcare facilities throughout the West Coast.
Coast Environmental’s current President desired the capital financing necessary to buy out the company’s other shareholders and acquire 100% ownership.
Significance of Transaction
Opus Bank provided a $2,466,000 term loan for the shareholder buy-out, as well as a $750,000 revolving line of credit for working capital to allow management to grow the business and hire additional employees.
Opus Bank's Role
Opus Bank worked closely with Coast Environmental’s executive management to understand the timing requirements for the close of the acquisition and was able to close the loans on a very strict schedule that allowed for a tax efficient transaction for the seller.