Opus Bank’s Commercial Banking division provides $3,500,000 in credit financing to Seattle Safety, LLC
Overview of Transaction
- Seattle Safety, LLC (“Seattle Safety”) specializes in crash testing systems. The company’s broad line of crash testing products includes Servo-hydraulic sleds (ServoSled), dynamic pitch and yaw, advanced technology barrier systems, and high-intensity LED lights.
- One of the co-founders reached an agreement with another equity holding member for a 100% equity buyout. The co-founder looking to acquire Seattle Safety desired a customized financing structure to accommodate the selling member’s equity in two phases.
Significance of Transaction
- Opus Bank (“Opus”) provided a $2,250,000 Senior Secured Term Loan to finance the first payment of the member equity buyout.
- Additionally, Opus provided a $1,250,000 Senior Secured Non-Revolving Line of Credit to finance the second and third payments of the member equity buyout.
Opus Bank's Role
- Opus worked with Seattle Safety’s executive management to understand the member equity buyout, and then Opus put in place a capital structure that met the goals of both the company and the new controlling equity member.
- Opus’ solution allows the company to continue executing their growth strategy in an effective manner.