Quarter Turn Resources Refinances Asset-Based Credit Facility with Siena Lending Group
OKC-based Infinity Capital Partners advised Quarter Turn Resources through the transaction, which closed April 30
Oklahoma City, OK (May 10, 2021) – Quarter Turn Resources, Inc. (QTR), a Ponca City, Oklahoma-based pipeline valve distributor has refinanced its asset-based credit facility with Siena Lending Group (Siena). The $26.5 million revolving credit facility will be used to support QTR’s working capital needs as it continues to operate as the exclusive North American distributor of Valvitalia ball, plug, check, and gate valves.
Quarter Turn Resources is a value-add custom valve distributor to the regulated pipeline and natural gas distribution segments. Founded in 2004 by partners Chris Jennings and Jim Stieber, QTR engineers, assembles, and tests valves from their two API-6D certified facilities in Ponca City, OK and Deer Park, TX and ships direct to customers through eleven sales channels across the United States.
Quarter Turn Resources sought a more flexible financing solution that better addressed the company’s complex inventory cycle. Siena delved into QTR’s working capital structure and delivered a superior financing solution that provides the company exceptional flexibility and access to capital. “I’m proud of the effort our entire team has put in over the past year,” said Chris Jennings, President and CEO of Quarter Turn Resources. “We’ve stuck together and continued to provide our customers the highest quality valves and services in our industry. Siena’s support means a great deal to us and will enable us to continue our growth trajectory."
“Chris and his team have done an excellent job navigating the challenges brought about by multiple outside influences including energy market volatility and COVID-19-related project disruptions,” said Bryan Vahlberg, Managing Partner at Infinity Capital Partners. “Partnering with Siena should enhance the company’s ability to deliver market-leading quality products to their broad North American customer base.”
Infinity Capital Partners served as investment banking advisor to Quarter Turn Resources. Holland & Knight LLP served as legal counsel to Siena Lending Group.
About Siena Lending Group
Siena Lending Group is a leading asset-based lender which serves middle-market companies looking for an alternative to traditional bank financing. Siena offers asset-based loans from $7 million to $60 million and consistently finds creative ways to provide borrowers with maximum flexibility and liquidity. With deep lending experience and expertise in complex situations, clients can feel confident knowing Siena brings the patience and perspective to help them work through any challenges and achieve their long-term visions. Siena provides financing solutions to companies across a broad spectrum of industries. Siena Healthcare Finance, a specialized division of Siena, is dedicated solely to serving companies within the healthcare sector. Siena is a portfolio company of Business Development Corporation of America, an affiliate of Benefit Street Partners LLC. For more information, visit www.sienalending.com or www.sienahealthcarefinance.com or contact a Siena team member.
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.
Media Inquiries:
Claire Ashworth
Infinity Capital Partners
(405) 400-8977
cashworth@infinitycappartners.com