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LOS ANGELES, May 22, 2017 -- Great American Capital Partners, LLC (GACP), a wholly owned subsidiary of B. Riley Financial, Inc. (NASDAQ:RILY), a leading provider of diversified financial and business advisory services, has entered into an agreement with Legend Energy Services, LLC to provide a $25 million delayed draw senior secured term loan. Proceeds from the loan will be used to acquire machinery & equipment.
“The oil & gas sector is at a meaningful inflection point with crude oil prices rising. Hydraulic fracturing, or fracking, specifically, has reshaped the global energy landscape, and continues to fuel a dramatic boom in U.S. oil production,” said John Ahn, President at GACP. “GACP is well versed within this sector, and has been able to leverage that institutional knowledge to provide Legend Energy Services with fast, flexible financing to pursue their expansion into fracking operations. Legend Energy is well positioned to execute its growth plan in 2017 and going forward, and we are very excited about this partnership.”
“The financing provided by Great American Capital Partners provides us additional financial flexibility as we expand into the pressure pumping market,” said Trey Ingram, CEO of Legend. “We look forward to building on the relationship with GACP.”
About Legend Energy Services, LLC
Founded in 2010, Legend Energy Services is a leading provider of coiled tubing and pressure pumping services to the U.S. oil & gas industry. The Oklahoma City-based company also provides nitrogen services to support both midstream and upstream operations, and fluid pumping services to support completion operations. The company has six service centers located in Oklahoma, Texas, Colorado and North Dakota.
About Great American Capital Partners, LLC
Great American Capital Partners (GACP) is a division of B. Riley Capital Management, an SEC Registered Investment Advisor and a wholly owned subsidiary of B. Riley Financial, Inc. (NASDAQ:RILY). GACP originates and underwrites senior secured loans across a wide array of industries, and is dedicated to providing opportunistic and responsive capital to the underserved middle market.
B. Riley Financial, Inc. is a publicly traded, diversified financial services company which takes a collaborative approach to the capital raising and financial advisory needs of public and private companies and high net worth individuals. B. Riley Financial is headquartered in Los Angeles with offices in major financial markets throughout the United States and Europe. For more information on B. Riley Financial, visit www.brileyfin.com.
For More Information: John Ahn, President Great American Capital Partners [email protected] 310-689-2215 Media Inquiries: Caroline Crawford [email protected] 818-746-9526
