News Summary
Gordon Brothers has secured a CA$200 million financing deal for Morgan Construction, aimed at enhancing working capital, supporting new equipment purchases, and facilitating growth. The financing package includes a five-year revolving credit facility and an accordion feature, allowing for increased borrowing capacity. Alongside financial support, Gordon Brothers will provide long-term asset advisory services to ensure sustainable growth. This collaboration highlights Morgan Construction’s commitment to community involvement and operational excellence within Canada’s construction sector.
CA$200 Million Financing Deal Boosts Morgan Construction
Gordon Brothers, a major player in global financial services and asset management, has facilitated a significant financing agreement worth CA$200 million (approximately $146.3 million) for Morgan Construction. This vital funding is set to enhance the company’s working capital, support new equipment purchases, and fuel its growth potential.
Comprehensive Financing Package
The financing arrangement consists of a five-year revolving credit facility amounting to $109.8 million. In addition, there is an accordion feature included in the deal, which adds nearly $40 million to the overall financing. This structure gives Morgan Construction the flexibility to increase its borrowing capacity if needed.
Expert Advisory and Asset Management
As part of this financing, Gordon Brothers will also extend long-term asset advisory and consulting services through its subsidiary, Nations Capital. This partnership aims to provide Morgan Construction with a comprehensive approach that combines lending, advisory, and asset expertise, tailored to ensure sustainable growth.
Focus on Equipment and Operations
With over a century of experience, Morgan Construction has established itself as one of Canada’s premier heavy civil contractors, specializing in sectors like energy and mining. The federal financing is deemed crucial for the company’s operations and continued expansion within Canada.
Morgan Construction’s Commitment to Communities
Headquartered in Edmonton, Alberta, Morgan Construction employs over 1,100 people and actively collaborates with more than sixteen Indigenous communities. This initiative reflects the firm’s commitment to not only growth but also community involvement and responsible business practices.
Gordon Brothers’ Expertise and Presence
Gordon Brothers has built a reputation for delivering both short- and long-term capital solutions tailored to clients’ specific needs. Their collaboration spans various industries, partnering with management teams, private equity sponsors, and lenders to maximize operational efficacy through financial solutions and expertise.
Support for Canadian Borrowers
With a robust presence in Canada, Gordon Brothers is dedicated to facilitating the unique requirements of Canadian borrowers. Their focus is to provide bespoke solutions that meet the evolving challenges faced by businesses in the region.
Founding Legacy and Future Aspirations
Established in 1903, Morgan Construction aims to enhance liquidity through achievable asset values. They are committed to giving clients access to a combination of expertise in asset services, lending, financing, and trading. This financing deal marks a crucial milestone in their continued journey for growth.
Global Reach of Gordon Brothers
With over 30 offices strategically located across North America, Europe, the Middle East, Africa, and the Asia Pacific region, Gordon Brothers possesses a comprehensive understanding of diverse markets. This global expertise enables the firm to address a variety of financial needs and evolve with changing marketplace dynamics.
In summary, the CA$200 million financing deal for Morgan Construction marks a promising development that underlines both firms’ commitment toward future growth and operational excellence within Canada’s booming construction and contracting landscape.
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Additional Resources
- The Star: CA$200 Million Financing for Morgan Construction
- Home Textiles Today: Gordon Brothers Liquidity Boost
- Chain Store Age: Linen Chest Credit Facility
- Cleveland.com: Joann Employees at Risk of Layoffs
- Encyclopedia Britannica: Construction Financing
