Wellsite services provider ROC Services Co. received a $17 million credit facility from GE Capital Corporate Finance that will support ROC’s acquisition by Coral Reef Capital, GE Capital said June 10.
The funds will also refinance existing equipment.
GE Capital Markets was co-lead arranger and joint book runner on the facility.
“GE Capital’s experience in structuring equipment loans and acquisitions, and their expertise in our industry made them the perfect choice for our financing needs,” said Mike Ritchey, ROC’s CEO. “This capital will help us grow, and we look forward to the next chapter of our business.”
“We have been adding resources over the last 18 months to expand our coverage of the oil and gas market,” said Luca Pasqualini, senior managing director at GE Capital. “We are excited to work with ROC Services as they execute on their business plan.”
ROC Services Co. is based in Bridgeport, Texas.
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