Cooley Group and Webster Business Credit Corp. (WBCC), a division of Webster Bank, announced in an Aug. 13 press release that WBCC is providing Cooley with $25 million in new financing. The five-year financing package includes a combination of a revolving credit facility, a long-term note and a capital expenditure line, and will be used to further support Cooley’s continued global expansion.
Pawtucket, R.I.-based Cooley is a designer, developer and manufacturer of high-performance engineered membranes for chemical containment, military, environmental protection and roofing initiatives. The company will use the new financing to expand both its North American and international operations, including further expansion into Brazil, China and India. Cooley currently markets and distributes its chemistry-based solutions in more than 20 countries on six continents.
“With an 85-year history of innovation, Cooley is an industry leader in the high-performance engineered membrane markets,” said Warren Mino, president of WBCC. “We are pleased to provide Cooley with the financial support needed to continue building a world-class company.”
“We are grateful for WBCC’s commitment to the growth of the Cooley Group,” said Daniel Dwight, Cooley president and chief executive officer. “The combination of improved cash flow from more competitive interest rates, extended amortization schedule on the long-term debt, and the addition of a capital expenditure line will provide Cooley with the additional financial resources necessary to expand our global production capacity and marketing and distribution reach.”