Ares Commercial Finance has provided a $15 million senior secured revolving line of credit to infrastructure solutions provider Shimmick Corp.
Ansley Park Capital, an affiliate of Ares Management, contributed an additional $15 million equipment loan, bringing the total financing package to $30 million, according to a release today by Tarrytown, N.Y.-based Ares. Shimmick, which specializes in water, climate resilience, energy transition and sustainable transportation infrastructure, plans to use the funds to refinance existing debt and enhance liquidity.
“Our goal from the beginning was to provide Shimmick with a one-stop solution for working capital and equipment finance needs,” Mitch Drucker, partner at Ares Commercial Finance, stated in the release.
