Mountain Ridge Capital and Great Rock Capital jointly announced the closing of a senior secured credit facility for HOP Energy, LLC (“HOP”). Founded in 1995 and headquartered in White Plains, NY, HOP Energy is a market-leading home services provider serving ~90,000 customers across two primary areas: distribution of home heating oil and the installation and servicing of HVAC systems, heat pumps, and other critical non-discretionary home services. HOP Energy is majority-owned by Delos Capital.
The new credit facility refinanced the company’s existing bank revolving line of credit and will provide additional liquidity to support the future growth expectations of the business. As non-bank senior debt lenders, Mountain Ridge and Great Rock were able to provide significantly higher availability and more overall flexibility than the previous bank arrangement. Mountain Ridge will serve as the Administrative Agent.
Craig Winslow, President and Chief Credit Officer of Mountain Ridge, noted “We built Mountain Ridge Capital on the basis of providing flexible and creative ABL structures with speedy execution. We are pleased to have accomplished all these objectives with this deal. HOP Energy makes an excellent addition to our growing portfolio as we look for similar sized transactions in the future.”
“The strong relationship with Delos Capital, plus HOP’s dedication to customer satisfaction, has sparked the company’s ongoing business growth,” said Stuart Armstrong, Chief Executive Officer of Great Rock Capital. “The credit facility we executed with our lending partner, Mountain Ridge, maximizes the liquidity available to HOP and will provide them with the increased financial flexibility to support their future growth initiatives.”
Will DeBruyn, Partner of Delos Capital remarked, “We are pleased to have two exceptional new partners to aid in our plans to grow HOP over the coming years, which would not have been achievable without the thoughtful perspectives that Mountain Ridge and Great Rock brought to the company and its capital structure.”
Headquartered in White Plains, NY, HOP Energy is a leading distributor of heating oil, propane and other petroleum products and a premier provider of HVAC and other related services in nine states in the Northeast and Mid-Atlantic.
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