Bridge Bank and Tree Line Capital Partners Provide Senior Debt Financing to Support the Recapitalization of Goettl Air Conditioning by Baum Capital Partners
SAN FRANCISCO - September 11, 2018
Bridge Bank today announced its Corporate Banking group, which provides cash-flow senior financing for private equity sponsored lower-middle market companies, along with Tree Line Capital Partners, LLC (“Tree Line”), which provides senior secured and unitranche term loans, have both provided debt financing to support the recapitalization of Goettl Air Conditioning by Baum Capital Partners. Bridge Bank provided a capital equipment facility and revolving line of credit to support ongoing corporate needs and Tree Line provided an equity co-investment.
In 1939, the Goettl brothers, Adam and Gust, formed the Phoenix, Ariz. based company, Goettl Air Conditioning, using design features that allowed their units to operate in the harsh climate of the desert Southwest. Ken Goodrich purchased Goettl Air Conditioning, becoming its owner and chief executive officer, in 2012.
“At Bridge Bank, we are committed to supporting private equity sponsors by providing flexible financing structures with speed and certainty,” said Rick Lamoreux, senior vice president in Bridge Bank’s Southern California Corporate Banking group. “We are pleased that we could work together with Tree Line to support Baum Capital Partners in the recapitalization of Goettl Air Conditioning, a company that has a long history of providing their customers with the best in-class air conditioning products and service. All of us at Bridge Bank are excited to be working with Goettl and look forward to supporting their continued growth and vision.”
“We are excited to support Baum Capital Partners and the team at Goettl,” added Frank Cupido, a partner with Tree Line. “This transaction is a great example of the long-term relationships we strive to build with our borrowers, private equity sponsors and lending partners, as we have now worked with the teams at Bridge Bank and Baum Capital Partners in multiple transactions in the residential HVAC space. Goettl has built an extremely impressive brand driven by best in-class management and quality of service and we look forward to a long relationship with Ken Goodrich and the team at Baum Capital Partners.”
“Working with Bridge Bank and Tree Line was an enjoyable, collaborative process,” said Chris Hanson, a partner with Baum Capital Partners. “We really respect the market orientation and responsiveness they demonstrated throughout the process. We appreciate having a lending team with capabilities and products that were available to us as we completed the first investment in our new fund.”
About Bridge Bank
Bridge Bank is a division of Western Alliance Bank, Member FDIC, the go-to bank for business in its growing markets. Bridge Bank was founded in 2001 in Silicon Valley to offer a better way to bank for small-market and middle-market businesses across many industries, as well as emerging technology companies and the private equity community. Geared to serving both venture-backed and non-venture-backed companies, Bridge Bank offers a broad scope of financial solutions including growth capital, equipment and working capital credit facilities, sustainable energy project finance, venture debt, treasury management, asset-based lending, SBA and commercial real estate loans, ESOP finance and a full line of international products and services. Based in San Jose, Bridge Bank has eight offices in major markets across the country along with Western Alliance Bank’s powerful array of specialized financial services. Western Alliance Bank is the primary subsidiary of Phoenix-based Western Alliance Bancorporation. One of the country’s top-performing banking companies, Western Alliance ranks #2 on the Forbes 2018 “Best Banks in America” list. For more information, visit bridgebank.com.
About Tree Line
Tree Line Capital Partners is a direct lender that provides financing solutions to lower middle market borrowers consisting of senior term loans, unitranche term loans and equity co-investments. Tree Line works directly with management teams and sponsors to tailor flexible transaction structures and foster long-term relationships. Tree Line’s principals have been focused on direct lending for over 15 years with a breadth of experience through multiple economic cycles. The firm directly originates, underwrites and manages portfolios of senior secured debt facilities in $5 million-$100 million transaction sizes for borrowers with at least $3 million of EBITDA. The firm has offices in San Francisco, CA and New York, NY.
About Baum Capital Partners
Baum Capital Partners is a private investment firm that provides equity capital and strategic resources in support of dynamic companies in the lower middle market. BCP seeks to invest in technology-enabled and service-based businesses with exceptional prospects for growth and focuses on opportunities where a financial partner is being sought to solve a corporate or ownership need including investments to support growth, generational ownership transfers and management-backed recapitalizations. Working in close partnership with entrepreneurs and managers, BCP has a passion for helping promising companies reach their potential, and the resources required to make it happen. For more information, please visit www.baumpartners.com
About Goettl Air Conditioning
Goettl Air Conditioning, established in 1939, offers the highest quality AC and heating equipment and a full range of maintenance, repair and replacement services. Goettl operates in the Phoenix, Tucson, Las Vegas and Southern California areas. All Goettl technicians are background-checked, drug-tested and receive continuous technical training to make them the best in the industry. Goettl Air Conditioning was recently named the "Best HVAC" company by readers of Arizona Foothills Magazine's "Best of Our Valley 2018" and named to the 2018 Inc. 5000 list of Fastest-Growing Companies in the United States.
Recent NewsBridge Bank and Tree Line Capital Partners Provide Senior Debt Financing to Support the Recapitalization of Goettl Air Conditioning by Baum Capital PartnersBridge Bank Welcomes Eric Sockol as Senior Vice President, Business Development OfficerBridge Bank Provides Senior Debt Financing to Support the Leveraged Buyout of Trade Supplies, LLC by Sole Source CapitalBridge Bank Welcomes Bob Curley as Chief Credit OfficerBridge Bank Upsizes Capstone Turbine Facility to $15 Million
Recent InsightsDon't Get Hooked: How to Spot a Phishing EmailThe Biggest Trends in Hotel Franchising - 2017 EditionThe Key to Wire Fraud Prevention: Out-of-Band AuthenticationMobile Banking Helps Businesses On The GoConsider the Business Benefits of Payroll Cards — and Keep Employees Happy
Honoring all who have served. We thank you. pic.twitter.com/aEmnInoP9HIn less than two weeks, we’ll be joining the more than 900 tech enthusiasts, entrepreneurs, premiere investors and… twitter.com/i/web/status/1… - about 1 month 1 week ago@HiddenGeniusPro we were very excited to be a part of this celebration. Thank you for the opportunity! twitter.com/HiddenGeniusPr… - about 1 month 1 week agoIt’s time for the puck drop! Wishing the @SanJoseSharks another terrific season in tonight’s home opener. Let’s go #Sharks!"Our business customers are looking to grow. And Western Alliance is right there with them with increased capital a… twitter.com/i/web/status/1… - about 1 month 1 week agoOur Capital Finance Group is excited to share that our client, Targeted Lease Capital, LLC., experts in equipment f… twitter.com/i/web/status/1… - about 1 month 2 weeks ago"The way we structure our credits is a point of pride in how we do business. It's part of why our customers see us… twitter.com/i/web/status/1… - about 1 month 3 weeks agoWe understand that no two businesses are exactly alike. That's why Western Alliance bankers tap a sophisticated sui… twitter.com/i/web/status/1… - about 1 month 3 weeks agoAll of us at Bridge Bank wish the @SanJoseSharks a great preseason game tonight against the Anaheim Ducks!Your friends at Bridge Bank wish everyone a safe and wonderful #LaborDay! REMINDER: In observance of the holiday,… twitter.com/i/web/status/1… - about 2 months 2 weeks agoOur #LifeSciences team is delighted to share its most recent transaction with @OmniGuide, a manufacturer of advance… twitter.com/i/web/status/1… - about 2 months 2 weeks agoBridge Bank is a proud sponsor of the @EastBayHaasAlum. Tonight they host their Annual Party welcoming new… twitter.com/i/web/status/1… - about 2 months 3 weeks ago"We know our clients and this market, and what's motivating this management team to innovate and persevere just add… twitter.com/i/web/status/1… - about 3 months 1 day agoWe are proud to support @Rhythmix1 as a sponsor of their Pour Your heART Out Benefit for the Arts Celebration takin… twitter.com/i/web/status/1… - about 3 months 1 week agoMarkets look to remaining monthly data amidst trade disputes. westernalliancebancorporation.com/bridge-bank-ho… - about 3 months 1 week agoWe are proud to sponsor the @LosAltosChamber 29th Annual Golf Tournament today. We hope all of the golfers particip… twitter.com/i/web/status/1… - about 3 months 1 week agoLifting up our communities is important to the people of Western Alliance. We live this value in many ways, startin… twitter.com/i/web/status/1… - about 3 months 2 weeks agoStarting from scratch in 2006, @RevolutionFoods has grown to now serve two million healthy meals per week in 1,000+… twitter.com/i/web/status/1… - about 3 months 2 weeks ago"Revolution Foods is a perfect example of a client that came to us early in the company's life cycle, and we have c… twitter.com/i/web/status/1… - about 3 months 3 weeks agoTomorrow night, Dale Marie Golden of @bridgebank will be speaking at the Oakland Empowerment Scholarship & Mentorin… twitter.com/i/web/status/1… - about 3 months 4 weeks agoOur #LifeSciences group recently helped @RareCyte, a #biotechnology company working to advance the boundaries of bi… twitter.com/i/web/status/1… - about 3 months 4 weeks agoBridge Bank is a division of Western Alliance Bank. Western Alliance was named #2 on the Forbes 2018 Best Banks in… twitter.com/i/web/status/1… - about 4 months agoBridge Bank is excited to be sponsoring the return of #PACTcapcon on Sept 26! twitter.com/PhilaPACT/stat… - about 4 months 2 days agoOur #LifeSciences Group is pleased to announce their recently funded deal with @abscibio, a #biomanufacturing compa… twitter.com/i/web/status/1… - about 4 months 1 week agoHappy birthday, #America! Your friends at Bridge Bank wish everyone a safe and joyous celebration! REMINDER: In o… twitter.com/i/web/status/1… - about 4 months 2 weeks agoOur #LifeSciences Group is pleased to announce their latest deal with @ardelyx, a #biotechnology company committed… twitter.com/i/web/status/1… - about 4 months 3 weeks ago#Dollar rallies to 11 month highs on rising interest rates and #EconomicGrowth westernalliancebancorporation.com/bridge-bank-ho… - about 4 months 3 weeks agoOur #LifeSciences Group is excited to announce their most recent transaction with @ARTASHair, offering the first an… twitter.com/i/web/status/1… - about 4 months 3 weeks agoDid you know? Bernard J. Cigrand is considered to be the “Father of Flag Day.” In 1885, he organized a group of sch… twitter.com/i/web/status/1… - about 5 months 4 days agoOur #LifeSciences Group is pleased to announce their most recent transaction with @Zipline_Medical a technology com… twitter.com/i/web/status/1… - about 5 months 5 days agoDue to the close proximity of the Golden State Warriors Championship Parade and activities, our Oakland branch will… twitter.com/i/web/status/1… - about 5 months 7 days agoCongratulations to the @warriors on their back-to-back championship! Our employees in Oakland are very excited that… twitter.com/i/web/status/1… - about 5 months 7 days agoWe were proud to sponsor last night’s SPUR event at San Pedro Market in downtown San Jose. You can learn more about… twitter.com/i/web/status/1… - about 5 months 1 week agoAs presenting sponsor of the 8th Annual #sjsueconsummit we want to extend our gratitude and many #thanks to those w… twitter.com/i/web/status/1… - about 5 months 2 weeks agoAre you wondering how the #economy can be as #healthy as ever if a lack of #housing is the #1 concern? You’re not a… twitter.com/i/web/status/1… - about 5 months 2 weeks ago