SMG signs $31.7 million term loan facility with Great Rock Capital

By William Gullotti

Buffalo, N.Y., July 25 – SMG Industries Inc. closed on a $31.7 million term loan facility provided by Great Rock Capital, according to a press release on Tuesday.

Proceeds will be used to fund its strategic acquisition and merger of Barnhart Transportation.

According to the press release, the acquisition was finalized July 7 for Barnhart’s group of companies, consisting of Barnhart Transportation, LLC, Barnhart Fleet Maintenance, LLC, Lake Shore Logistics, LLC, Lake Shore Global Solutions, LLC, Legend Equipment Leasing, LLC and Route 20 Tank Wash, LLC.

As previously reported on June 8, the acquisition of was to cost $55.75 million, with $31 million in cash due at closing.

The company previously worked out a $25 million revolving credit facility term sheet with a national lender, with Great Rock partnering with that unnamed lender to create a financing structure to maximize the company’s liquidity during and after the transaction.

SMG is a transportation service company based in Houston.

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