AloStar Business Credit has provided $14.5 million in financing for Patriot Environmental Services, Inc. The financing for Patriot Environmental Services, Inc. includes a $6 million revolving line of credit and an $8.5 million term loan with mezzanine capital provided by Seacoast Capital.
Founded in 2002 by Tom Scranton, Patriot is headquartered in Long Beach, CA and one of the largest privately-owned and leading companies in emergency response, industrial service, and transportation and disposal of hazardous and non-hazardous material for oil and gas companies, utilities and industrial clients in California.
“Patriot is a prime example of a company that has found a niche, developed a strong infrastructure and is now ready for expansion,” said Andy McGhee, president of AloStar Business Credit. “We are proud to partner with Patriot and support them as they continue to grow.”
Patriot’s specialties and equipment include: oil spill response equipment for on-land and on-water resources; site remediation, excavation, loading and transportation equipment; transportation and temporary storage equipment for liquids, solids and bulk materials; and salvage and decontamination for equipment and personnel.
“With the recapitalization, Patriot is poised to solidify its position as an expert in the environmental services industry,” said Tom Scranton, CEO of Patriot Environmental Services, Inc.
"Patriot is in a unique position to take advantage of tremendous growth opportunities as it broadens its service offerings, strengthens its customer base, and expands its geographic footprint,” said Cary Meadow, chairman of Patriot Environmental Services, Inc. and president of Channel Investment Advisors, Inc. “We are very excited to work with Patriot, AloStar and Seacoast Capital to implement this strategy.”
AloStar Business Credit provides asset-based lending products nationwide to businesses ranging between $20 million and $300 million in revenue and with financing needs ranging between $5 million and $40 million. AloStar Business Credit is the asset-based lending arm of AloStar Bank of Commerce.