Alantra advises iGas in securing new Senior Credit Facility

Jun 2021

Debt financing

Value $80 million

Boston – Alantra, a leading global investment bank and asset management firm, is pleased to announce that iGas USA, Inc, has secured a new $80,000,000 senior credit facility with Bank of America which will be used to finance the purchase of additional inventory and for working capital. Alantra acted as the exclusive financial advisor to iGas, providing debt advisory service to the Company in the process.

iGas, based in Tampa, Florida, is a leading producer and seller of refrigerant gases primarily used in HVAC cooling systems in the U.S., Mexico and Canada.  iGas’ history in the HVAC industry dates to the early 1990s when a predecessor sister company began to provide contactors, capacitors and other components and tools to the two largest AC manufacturers which grew to a wide range of supplies serving several of the largest HVAC manufacturers and distributors in the U.S.  In 2004, the Company developed and began marketing its own brand of refrigerant and then formed iGas in 2018 with a new production facility specifically designed to produce refrigerants.  iGas offers a full range of refrigerants and is focused on developing and bringing innovative solutions to the market.

Marc Middleton, Executive Vice President of iGas, said, “This new credit facility will support our continued growth by strengthening our industry leading inventory position which is the foundation of our partnerships with our customers.  We are very grateful to the Alantra team for their leadership and direction during this strategically important process.”

Scott Hadfield, Managing Director with Alantra Debt Advisory, said, “We are thrilled that our process yielded the structure and funding amount that iGas was seeking in an accelerated timeline to allow the company to execute on its significant growth opportunities that lie ahead.”

“This transaction adds to Alantra’s track record in the industrials sector and illustrates the value-add of our debt advisory services,” said Paul Colone, Managing Director and Partner with Alantra. “We strive to consistently exceed expectations for our clients whether in a M&A transaction or a financing and we are very pleased to deliver an excellent outcome for iGas.”  

The transaction represents another milestone for Alantra’s Debt Advisory and Industrials Practices. Alantra’s Debt Advisory Practice is focused on providing creative financing solutions for founder and sponsor owned businesses for acquisitions, growth capital or dividend recapitalizations and has significant expertise raising senior, unitranche and custom-tailored structured capital for its clients.

The Alantra deal team advising iGas included Mr. Hadfield and Mr. Colone.