FleetPride Announces Completion of Major Financial Recapitalization
THE WOODLANDS, Texas, June 17 -- Gordon A. Ulsh, Chairman, President and Chief Executive Officer of FleetPride, Inc., announced today the completion of a major financial recapitalization. The recapitalization consists of an infusion of new capital, a conversion of debt to equity from its financial sponsors and a four-year, asset backed facility syndicated by GMAC Commercial Finance LLC. Following the financial restructuring, FleetPride's total debt to capitalization will be less than 30% and the company's cash flow will improve by more than $3.5 million annually.
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Gordon Ulsh, Chairman, President and CEO of FleetPride, stated, "We are gratified to report that our financial restructuring is complete. We appreciate the continued support from our financial sponsors and the confidence shown by our new financial partners at GMAC. This is another significant step for the future of the company. Our improved financial position will serve to further strengthen the relationships with our vendor partners who have been supportive throughout our work to improve the company. We are now poised to grow the business and fulfill the company's mission of becoming the dominant supplier to the heavy-duty aftermarket."
Ulsh commented further, "This is an exciting year for the company. We have completed both an infrastructure reorganization and a financial recapitalization. These activities support FleetPride's continued focus on bringing value to our customers and will lead to further growth and stability for the company. I want to thank all of our employees for their hard work and dedication in bringing the company to this stage of its development. I am now asking that we continue our efforts and focus on our customers."
FleetPride, Inc. (www.fleetpride.com ) -- America's premier nationwide supplier of quality parts and expert service for the trucking, fleet and heavy equipment aftermarkets -- operates more than 150 locations in 33 states and carries a full line of nationally recognized brand name parts, as well as an assortment of private brand parts. In addition, FleetPride offers in-house remanufactured products such as brake shoes, transmissions, rear axles and driveline components. Truck and trailer repair services are also offered at a number of locations.
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