First Capital Provides Asset-Based Credit Facility to Ranger Offshore (USA)

First Capital, a commercial finance company, announced that it has provided an Asset-Based credit facility to Ranger Offshore, Inc., a marine and subsea construction support services company to the offshore oil and gas industry. The new credit facilities consist of a revolving line of credit collateralized by certain selected assets of the business.

Ranger Offshore purchased the offshore diving assets of Tiburon Divers Inc. with initial funding provided by SunTx Capital Partners in May 2010, and has since experienced excellent growth as a result of industry development and new regulations in the offshore energy sector regarding environmental safety. Ranger needed to find a lender that would be able to structure a financial package that would maximize their working capital to support sales growth and their growth strategy.

“Ranger has excellent support from their parent company, Suntx Capital Partners, who we’ve worked with in the past,” said John Curtis, EVP and Manager of First Capital’s Midwest region. “With their financing in place and the new developments in the industry, Ranger is in a strong position to successfully move forward with their business plan and strategy for future growth.”

“This new credit facility allows us increased flexibility to implement our strategic initiatives and capitalize on market opportunities,” remarked Chris Guinta, CFO of Ranger. “We are pleased to have forged a relationship with an institution as solid as First Capital and look forward to expanding this association in the future.”

About First Capital

First Capital provides working capital financing typically ranging from $3 million to $20 million primarily to small and middle-market entrepreneurs with annual sales ranging from $10 million to $100 million. Credit facilities are in the form of Asset-Based Loans or Factoring arrangements. First Capital is one of the largest independent Asset-Based working capital lenders in the United States. Headquartered in Boca Raton, Florida, the firm has additional full-service offices in New York, Los Angeles, Atlanta and Oklahoma City with sales offices located across the United States.

About Ranger Offshore, Inc.

Ranger Offshore, Inc. provides sub‐sea marine construction services support for the offshore oil and gas energy industries primarily in the U.S. and in the Gulf of Mexico. Ranger operates a fleet of eight diving support vessels and two portable saturation diving systems, one ABS classed and one DNV classed. Headquartered in Houston, TX, Ranger supports field operations from its base in New Iberia, LA. Ranger Offshore, Inc. is a portfolio company of SunTx Capital Partners.

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Source: First Capital, October 19 , 2011