NEW YORK - Wood-Mode, the largest U.S. manufacturer of custom cabinetry for kitchens and baths, closed on a $9 million senior secured loan with Great Rock Capital, an asset-focused commercial finance company that specializes in middle market lending.
"We are proud to be chosen as their financing partner as they continue to expand their business," said Stuart Armstrong, CEO of Great Rock Capital. "The company has been owned by the Gronlund family for generations," he said, "and Wood-Mode quality is the benchmark for the cabinetry industry and is synonymous with exceptional American craftsmanship."
In March, MidCap Financial announced it was providing $13.5 million in revolving debt financing to support the refinancing of Wood-Mode, with a credit facility providing liquidity for working capital.
Armstrong said the deal allows Wood-Mode to meet growing client demand and better serve the custom cabinetry market in homes across the United States, where it markets under the Wood-Mode and Brookhaven brand names. Core to Wood-Mode's heritage and mission, Armstrong said, all products will continue to be made in the U.S.
"Great Rock Capital provided us with increased liquidity in a highly flexible facility that helped solve our financing needs. Our team was impressed with their ability to execute and close the financing quickly to meet our accelerated timetable," said Jeff Jones, CFO of Wood-Mode.
Founded in 1942, Wood-Mode, Inc., sells its products through a network of over 600 independent dealers located throughout the United States and Canada. www.wood-mode.com