Opus Bank’s Corporate Finance division provides $12,500,000 in senior debt financing to support growth initiatives, refinance existing debt, and improve capital structure through the share repurchase of minority, non-active shareholders of IronRidge, Inc.
Overview of Transaction
Founded in 1998, IronRidge, Inc. (“IronRidge”) is a California-based, solar energy equipment supplier that offers comprehensive mounting solutions for solar systems installers and is recognized for building products that are strong, simple, and cost-effective.
IronRidge remains an industry leader with the best-in-class product line up including an increasing number of proprietary product offerings.
This transaction further solidifies IronRidge’s position in the market and provides the liquidity needed to pursue strategic actions including product development and additional market share capture.
Significance of Transaction
Opus Bank (“Opus”) established a more permanent capitalization structure that provides flexibility for continued growth.
Opus retired an existing smaller asset-based credit facility with a prominent environmentally responsible lender.
Opus was able to deliver quickly, closing the transaction within 30 days to accommodate the requirements of IronRidge’s shareholders.
Opus Bank's Role
Opus was introduced to IronRidge by one of the company’s Board members, who had a positive experience with Opus.
Opus competed against a number of other lenders and was awarded the transaction as a result of its deep understanding of the solar industry’s dynamics and by providing the best financing structure for the company.