Case Summary: ProAir


$15 million Senior Term Loan


Based in Elkhart, IN, ProAir Holdings designs and manufactures heating and air conditioning systems for the specialty vehicle market. ProAir’s products include customized HVAC solutions that are specifically designed for unique end markets such as school buses, small transit buses, ambulances, fire trucks, RVs and other specialty vehicles.


KODA Enterprises Group has been a long-term partner and investor with the management team of ProAir, having first invested in the Company in 1997. In 2011, Koda acquired American Cooling Technologies in order to expand its capabilities in the school bus market. Most recently, KODA had the opportunity to purchase a major competitor, Bus Air Manufacturing, which would allow for even greater market share, and needed acquisition financing to complete the transaction.


Crystal Financial SBIC agented a $15.0MM first lien term loan to support the acquisition of Bus Air. In order to provide a comprehensive financing solution, Crystal partnered with Berkshire Bank who provided the revolving credit facility and Harvest Capital Credit Corp who provided the mezzanine facility.

“Acquisitions are often complex and require financing sources that can be creative, disciplined and reliable in their approach to executing a transaction. The Crystal team truly delivered in all of these areas. We are very pleased to be working with them and appreciate their dedication and effort in helping to facilitate an important milestone for ProAir.”
-Bill Karol, President & CEO