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.