Boston, October 11, 2017


Crystal Financial SBIC today announced the funding of a $15.0 million Senior Secured Term Loan for ProAir Holdings (“ProAir”).   Based in Elkhart, IN, ProAir is comprised of ProAir LLC and American Cooling Technologies (“ACT”). Together they supply specialty vehicle manufacturers with innovative and high quality air conditioning and heating solutions across multiple automotive segments.  The Company is owned by KODA Enterprises Group and has served the needs of the specialty vehicle market for over 35 years.


Proceeds from this facility will be used to finance the acquisition of Bus Air Manufacturing, also a leading player in the specialty niche market of HVAC solutions to the school bus and specialty vehicle market.


“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,” said Bill Karol, President and CEO, KODA Enterprises Group.


Kenny Smith, Director of Crystal Financial said, “The ProAir and ACT management teams have built well-respected and strong organizations that deliver unique solutions for their customers.  In partnership with KODA Enterprises Group, they have steadily grown the businesses over the past two decades by enhancing their capabilities and the end markets they serve.  The acquisition of Bus Air will further expand their market share and we are pleased that Crystal’s debt capital could facilitate the transaction.”


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 debt.


KODA Enterprises Group was advised by Frank Segall of Burns Levinson.  Crystal Financial was advised by John Ventola of Choate.


About Crystal Financial SBIC


Crystal Financial SBIC is a dedicated fund managed by the principals of Crystal Financial.  Its focus is to provide debt capital to a wide range of lower middle market businesses with a minimum transaction size of $7.5 million.  Its team of experienced, responsive professionals has underwritten, closed and managed more than $20 billion in secured debt commitments throughout the course of their professional tenures.  For more information please visit


About KODA Enterprises Group


KODA Enterprises Group located in Waltham, Massachusetts, is a middle market private investment firm that concentrates on companies in niche markets that have the potential to benefit from the financial strength and operational expertise KODA provides to its portfolio companies. For more information please visit


Cheryl Carner


James H. Peden, Chief Operating Officer