Waldo County manufacturer lands $30M loan
Pride Manufacturing, which has a major operation in Burnham, has secured a $30 million loan that will allow it to refinance existing debt and create new growth opportunities.
Citizens Bank announced Thursday that it recently closed on the financing deal for Pride, which manufactures Lincoln Logs, golf tees and other precision-engineered wood products.
In addition to refinancing existing debt, the manufacturer will use the financing for “general corporate purposes including various growth initiatives,” according to the bank. Pride is based in Tennessee and is owned by private equity firm Lindsay Goldberg LLC.
“The deal team at Citizens brought a number of great ideas to the table and executed the new transaction seamlessly,” Joe Zeller, Pride’s CEO and president, said in a prepared statement. “The [loan] significantly reduces Pride’s cost of capital and offers enhanced flexibility that positions the company for future growth.”
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