Chicago, IL/Scottsdale, AZ – Madison Street Capital (MSC), an international investment banking firm, acted as the exclusive financial advisor in arranging a $14MM mezzanine facility for Engenavis. Founded in 2016 in Scottsdale, Arizona, Engenavis designs and manufactures energy storage batteries utilized in the automobile, waste recycling, home automation and other industries. The facility was provided by ExWorks Capital. The transaction was announced by Charles Botchway, CEO of Madison Street Capital and led by Senior Managing Director, Richard Rodgers.
“The ExWorks transaction was an important step for our Company, enabling us to complete the amalgamation of Engenavis and iQ Power Licensing AG, and to simultaneously acquire an Italian battery manufacturer now being retrofitted with the Company’s proprietary manufacturing technologies.” Kevin Loman, the CEO of Engenavis further stated, “We appreciate the commitment and efforts of Madison Street Capital to help us complete this funding. It is a key component to the dramatic transformation underway in our combined organization.”
Luke LaHaie, Managing Director of ExWorks Capital, who led the underwriting effort for ExWorks offered, “We are closing more than 40 transactions every year and have a committed due diligence team of over forty that can close a complex transaction in four weeks or less. We have enjoyed working with the Engenavis’ management team to resolve the complex issues of this transaction in a timely fashion and working with Madison Street Capital.”
Senior Managing Director, Rick Rodgers added, “You seldom find an early stage company such as Engenavis with such a complete compliment of a senior management team. I expect the consolidated company to experience heroic growth in both the battery business and other green technologies and exceed even their optimistic plans. In addition, while I have been involved with complex financings for over 35 years, ExWorks due diligence team was extraordinary…thorough, professional, working through cross border issues involving Switzerland, Italy, and the United States.”
About Madison Street Capital
Madison Street Capital is an international investment banking firm committed to integrity, excellence, leadership and service in delivering corporate financial advisory services, merger and acquisition expertise, financial opinions, and valuation services to publicly and privately held businesses. These services position our clients to succeed in the global marketplace. In undertaking each new project, the client’s goals and objectives become ours, ranging from financial advisory and successful capital raises to M&A transactions to transfers of ownership. Madison Street Capital views emerging markets as the core component driving the global growth of our clients and will continue to focus significant assets on these markets. Our firm has earned the trust of clients around the world through our unwavering dedication to the highest levels of professional standards.
About Engenavis
ENGENAVIS is dedicated to identifying, developing and delivering efficient and sustainable energy focused, power reducing and management products for all aspects of a responsible, environmentally correct approach. To learn more, visit www.engenavis.com
About ExWorks Capital
ExWorks Capital is an international trade finance company offering export financing solutions to U.S. exporters by leveraging its Delegated Authority granted by ExIm Bank. ExWorks Capital’s offerings include working capital financing, term loan financing, and export trading. For more information visit www.exworkscapital.com
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