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.