Tulsa, Oklahoma – WayPoint Private Capital, Inc. announced today the completion of a $4.8 million refinance transaction on behalf of Mertz Manufacturng, Inc., in Ponca City, OK. Mertz is a wholly-owned subsidiary of Compact Power, Inc., located in Fort Mill, S.C. Mertz was founded over 75 years ago and is widely recognized for their design, fabrication and manufacture of durable, innovative and high quality equipment. Mertz products have included compact utility loaders and mini excavators, oil and gas industry equipment, servo-hydraulic petroleum exploration vehicles, fire-fighting apparatus, agricultural vehicles, and precision parts for large mining and construction equipment.
WayPoint and Mertz senior management structured the transaction in partnership with Eastman National Bank in Newkirk, OK, and the USDA’s Business & Industry loan state office, located in Stillwater, OK. The transaction allowed Mertz to consolidate all of its debt with one lender, and provided Mertz with working capital for its on-going operations. Eastman obtained an 80% guarantee on the loan from the federal government through Business & Industry program. The program is focused on creating and retaining jobs in Rural America. The Oklahoma office is one of the largest loan production groups for USDA in the country, having created thousands of new jobs over the past ten years.
WayPoint was founded in 2009 by former partners of a merchant banking and private equity organization, and is focused on relational capital development; leveraging individual and institutional capital relationships to offer entrepreneurs a unique partner in their growth and development. WayPoint utilizes a unique approach called Capital Networking™ that leverages relationships across several capital sources – high net worth individuals, family offices, institutional private equity, mezzanine debt, senior lending institutions and government incentive programs. The team has worked extensively with each source of capital, developing specific knowledge of the preferences of each, and works to craft investment opportunities appropriate to each group’s risk tolerance and return profile. The company has offices in Chicago, IL, Tulsa, OK, and Fayetteville, AR.
