Circle 8
Senior Term Loan
Overview
Founded in 2007, Circle 8 Crane Services provides operated and maintained crane lifting and pumping services to the oil and gas, commercial and industrial markets in the Southern United States. The Company owns and operates one of the largest fleets of mobile and all terrain cranes in the Southern United States, in addition to a fleet of auxiliary vehicles and equipment, which are used by its customers for various oilfield, maintenance, installation and construction projects.
Situation
After navigating the challenging macro dynamics in the oil and gas industry during 2015, the Company was seeking new capital providers to refinance existing debt.
Solution
Crystal Financial provided a Senior Term Loan as part of a broader recapitalization of the business led by Trive Capital. The new financing allowed for a more flexible structure and positioned the Company to grow the business and capitalize on the recent uptick in activity in its end markets.