Madison Street Capital (MSC), an international investment banking firm, acted as the exclusive financial advisor in arranging a $4.1 million debt facility for Chicago Yacht Works. Chicago Yacht Works, with over 600 feet of river frontage and 300,000 sq. ft. of indoor heated storage, combined with service capabilities and a full-line dealership, is one of the largest off-season boat storage facilities in Chicago. The facility was provided by Northeast Bank, the wholly owned subsidiary of Northeast Bancorp. The transaction was announced by Charles Botchway, CEO of Madison Street Capital and led by Senior Managing Director, Jay Rodgers.
“Jay and the MSC team were professional, efficient and great to work with. They sourced a number of interested and viable financial partners quickly and helped in the vetting process,” explained Rob Hannah, President & CEO of Chicago Yacht Works. “In the end, I got the deal I wanted and it closed on my time frame. I am very pleased.”
Jay Rodgers, Senior Managing Director, commented, “Chicago Yacht Works is positioned for a great growth opportunity and needed additional capital. The facility we arranged will enable Rob Hannah to meet his aggressive growth objectives for many years to come. We were pleased to be part of the effort to support Chicago Yacht Works next chapter of growth.”
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. For additional information, please visit our website at www.madisonstreetcapital.com
About Chicago Yacht Works
Chicago Yacht Works is a privately owned, boat storage, service, and full-line dealership center headquartered in Chicago, Illinois. Chicago Yacht Works, often referred to as “…the cleanest boat yard I have ever seen,” is situated on 11 acres of land, 600 feet of river frontage, and is the most accessible full-service nautical facility in Chicago. In addition, Chicago Yacht Works is equipped with 8 buildings and over 300,000 sq. ft. of indoor heated storage and acres of outdoor storage. To learn more, visit www.chicagoyachtworks.com.
About Northeast Bancorp
Northeast Bancorp (NASDAQ:NBN) is the holding company for Northeast Bank, a full-service bank headquartered in Lewiston, Maine. We offer traditional banking services through the Community Banking Division, which operates ten full-service branches that serve customers located in western, central, and southern Maine. From our Maine and Boston locations, we also lend throughout the New England area. Our Loan Acquisition and Servicing Group (“LASG”) purchases and originates commercial loans on a nationwide basis. In addition, our SBA Division supports the needs of growing businesses nationally. ableBanking, a division of Northeast Bank, offers savings products to consumers online. Information regarding Northeast Bank can be found on its website at www.northeastbank.com.