Bank of America Merrill Lynchannounced that it is serving as administrative and collateral agent for an $80 million asset-based revolver to Ice Mobility. The proceeds refinanced and increased a prior facility, and will be used to support the company’s growth.
“Ice Mobility is pleased to have entered into this financing agreement with Bank of America Merrill Lynch,” said Mike Mohr, Chief Executive Officer of Ice Mobility. “It is critical for a fast growing company like ours to have the right partners. The Bank of America Merrill Lynch team really understands our business and was thoughtful in crafting an attractive and nimble financing solution for us.”
Jeff McLane, President of Bank of America Business Capital said, “It has been a privilege for us to work with the leadership team of Ice Mobility, as they continue their exciting growth path.”
Mark Blankstein, Senior Vice President, Business Development Officer for Bank of America Business Capital added, “We are particularly impressed with the extraordinary depth and breadth of Ice’s management team as well as its significant market opportunity related to logistics services and distribution of mobile products.”
Ice Mobility was founded last year by two industry leaders: Mike Mohr, long-time president and CEO of Celluphone, the oldest wireless agent in the country, and Denise Gibson, founder and former CEO of Brightstar US. The company is a national logistics service provider and distributor for the wireless industry. Ice Mobility is headquartered in Vernon Hills, Illinois, with facilities in Los Angeles, CA. Previously, Ice received equity financing from, among others, management and Hawthorn Equity Partners, a growth-oriented lower middle-market private equity fund.
Bank of America Business Capital is one of the world’s largest asset-based lenders, with more than 10 primary offices serving the United States, Canada and Europe. It provides corporate borrowers with senior secured loans of $10 million or more, cash management, interest rate and foreign exchange risk management, and a broad array of capital markets products.