Wood-Mode secures $9 million in asset financing to expand
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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 
 

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Bill Esler | ConfSenior Editor

Bill wrote for WoodworkingNetwork.com, FDMC and Closets & Organized Storage magazines. 

Bill's background includes more than 10 years in print manufacturing management, followed by more than 30 years in business reporting on industrial manufacturing in the forest products industries, including printing and packaging at American Printer (Features Editor) and Graphic Arts Monthly (Editor in Chief) magazines; and in secondary wood manufacturing for WoodworkingNetwork.com.

Bill was deeply involved with the launches of the Woodworking Network Leadership Forum, and the 40 Under 40 Awards programs. He currently reports on technology and business trends and develops conference programs.

In addition to his work as a journalist, Bill supports efforts to expand and improve educational opportunities in the manufacturing sectors, including 10 years on the Print & Graphics Scholarship Foundation; six years with the U.S. WoodLinks; and currently on the Woodwork Career Alliance Education Committee. He is also supports the Greater West Town Training Partnership Woodworking Program, which has trained more than 950 adults for industrial wood manufacturing careers. 

Bill volunteers for Foinse Research Station, a biological field station staddling the border of Ireland and Northern Ireland, one of more than 200 members of the Organization of Biological Field Stations.