Evans Enterprises Refinances Asset-Based Credit Facility with Wells Fargo
Oklahoma City, OK (July 21, 2022) – Evans Enterprises (Evans), a Norman, Oklahoma-based industrial motor and power equipment distributor secured a $35MM asset-based (ABL) credit facility with Wells Fargo. The line of credit will allow Evans to continue to grow while serving customers across the country. Infinity Capital Partners served as investment banking advisor to Evans.
Founded in 1954 by Myron Evans and his son, Charles Evans, Evans sells, services, repairs and remanufacturers electric motors and generators, controls and related equipment in addition to a variety of value-added services. Today, run by a fourth-generation family member, CEO Evan Thrash, Evans has numerous locations across Texas, Oklahoma, Missouri, and Arkansas.
“This new financing from Wells Fargo allows us the financial flexibility to pursue several key growth initiatives,” CEO Evan Thrash stated. “Infinity was extremely helpful in guiding us throughout the refinance process as well as sourcing the numerous options we had and negotiating the business points of the deal.”
“The Evans family has built a world-class business in its region and Evan and his team were great to work with. I believe they found a great financial institution in the Wells Fargo ABL team led by Wes Shaw to help the company to continue to grow,” said Chris Lee, managing partner at Infinity Capital Partners.
“We are pleased to have worked with Infinity Capital Partners to create a financial solution that supports Evans Enterprise’s business growth,” said Wes Shaw, director of ABL with Wells Fargo Commercial Capital Originations. “Evans has done a great job positioning themselves as a market leader and we look forward to being a part of their continued success and helping them execute their long-term strategy.”
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is a leading middle market banking provider in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 41 on Fortune’s 2022 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com | Twitter: @WellsFargo
About Infinity Capital Partners
Infinity Capital Partners is an Oklahoma City-based middle-market investment bank offering a broad range of advisory services to private companies and financial sponsors across a variety of industries. Infinity works closely with owner-operators, shareholders, founders, and management teams of private companies to provide tailored services including M&A advisory, debt and equity placements, recapitalizations, and strategic advisory. For more information about Infinity Capital Partners, including a list of current projects, please visit our website at www.infinitycapitalpartners.com. Securities placed through Infinity Capital Securities, LLC. Member FINRA. For more information, visit www.infinitycapitalpartners.com.
Claire Ashworth
Infinity Capital Partners
(405) 400-8977