ACR Group expands, extends revolving credit facility
ACR Group, Inc., a national wholesale distributor of heating, ventilating, air conditioning and refrigeration equipment and supplies, announced it has increased its revolving credit facility from $35 million to $40 million and extended the term an additional year to August 31, 2008. As of May 31, 2006, the company’s collateral base was sufficient for the entire $40 million to be available to the company.
Houston-based ACR Group said the revolving credit facility expansion increases working capital for operational purposes, and provides additional resources for potential branch expansion and acquisitions. The credit facility is through Wells Fargo Bank.
“The additional financing capacity gives the company more capability to pursue business opportunities as they arise,” said Alex Trevino, Jr., president and CEO of ACR Group. “Our growth plans include both organic startups and strategic, targeted acquisitions. The availability of capital enables us to react quickly to such opportunities.”