25.05.2018

Snorkel/Xtreme secure new credit line

Ahern owned telehandler and aerial lift manufacturing companies Xtreme Manufacturing and Snorkel, have secured an Asset Based Loan for up to $65 million from JP Morgan Chase Bank.

The new revolving credit line will be used by the manufacturing businesses to retire or pay off existing debt, including a $15 million loan due to Ahern Rentals, and provide working capital for the continued growth of the business.

Don Ahern, owner of Xtreme Manufacturing, and majority shareholder in Snorkel, said: “Both of our manufacturing businesses have experienced significant growth in the past four years, and are now poised for further growth thanks to strong market conditions globally, as well as the hard work of our teams who have expanded our customer footprint and developed world leading products.”

“The time is right for us to secure this access to external funding to enable us to invest further in our global manufacturing capabilities, product development and customer service, taking our businesses to the next level.”