Mara Technologies Secures Credit, Will Open Manufacturing Facility in Holly
Posted By: DBUSINESS on January 12, 2023. For more information, please click here to read the source article.
FrontWell Capital Partners Inc. in Toronto announced the closing of a CAD $25 million secured credit facility with Mara Technologies Inc. and Mara Technologies USA Inc., which is in the process of launching a new state-of-the-art manufacturing facility in Holly.
The project will accommodate a new contract with one of its major existing customers and add capacity in the U.S. for the battery power management market.
“We are pleased to partner with Mara to provide a tailored financing solution that will enable the company to capitalize on significant growth opportunities,” says Patrick Dalton, CEO of FrontWell.
“This transaction is a testament to the strength of the FrontWell brand in a competitive lending environment, and I am proud of our team’s hard work to deliver a creative, cross-border structure that addresses the unique capital needs of a company as innovative and promising as Mara.”
The credit facility, comprised of a revolver and a term loan, will be used by Mara to refinance its existing debt, and will provide additional working capital liquidity to support Mara’s growth and its expansion into the United States.
“FrontWell’s Canadian presence and expertise in the middle-market were important factors in our decision to partner with them,” says Paul LaCroix, CEO of Mara Technologies. “We appreciate FrontWell’s responsiveness and collaborative approach to structuring a capital solution that will enable us to execute our business plans.”
Mara is a subsidiary of Invotek Group Inc., a global leader in electronics manufacturing services based in Markham, Ontario. IGI has experience in broadband electronics manufacturing, and over the past twenty years, have developed world-class capabilities with internet-of-things product development and power management systems for the EV market.
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