NEW HAVEN — First Niagara Financial Group recently completed a $2.7 million financing package to SAF Industries, LLC, the parent company of the Naugatuck-based aeroparts maker Gar Kenyon.
The package consists of a $1.6 million term loan, an $850,000 line of credit, and a $250,000 capital expenditures facility, according to a new release issued by First Niagara. SAF will use the term loan to refinance other existing loans and equipment leases.
“From start to finish, First Niagara understood our needs and objectives and delivered on each and every term outlined in their commitment letter,” said Steve Fournier, founder of SAF Industries, in the release. “Every detail was handled efficiently and there were no surprises when we came to the closing table. First Niagara has become, not just our lender, but a trusted advisor throughout this process.”
Gar Kenyon, located at 283 Water St. in Naugatuck makes master brake cylinders, parking brake valves, shuttle valves, restrictors, shutoff valves, safety relief and check valves. The company’s product offerings also include main landing gear door actuators, flap actuators, potable water fill-valves and accumulator gauges.
“As a thriving aerospace and defense supply company, SAF Industries was looking for a lender that understood its business goals, and was prepared to provide expert advice on how it could achieve those goals. We were pleased that we were able to fulfill their needs,” said David Ring, New England Regional President of First Niagara, in the release. “We look forward to supporting SAF in the coming years as they continue to grow their business.”