Modern Group today secured a $22 million senior secured revolving credit facility from PNC Financial Services Group for the purpose of financing growing customer demand for inventory and services, potential future acquisitions and ongoing working capital and liquidity needs.
Modern Group is a leading distributor of forklifts, warehouse products, construction equipment, generators and standby power generation, with a long history of rental activity.
“We are impressed with PNC’s deep understanding of our industry,” said Dave Griffith, CEO of Modern Group. “They have the products and services our company needs, and deliver them with a level of personal attention that makes this relationship a perfect fit for Modern Group.”
With more than $100 million of collective annual sales, Modern Group provides sales, leasing, short-term rental, service, parts, training and financing solutions through its Forklifts, Power Systems, Construction, and Warehouse Products businesses. Modern is a 100 percent employee-owned ESOP with more than 350 owners at 10 locations serving Pennsylvania, New Jersey, Delaware and New York.
“The Modern Group is a leader in their industry, with a solid foundation, quality management team and a demonstrated ability to adapt and evolve in a difficult environment,” said Thomas Gutman, senior vice president and mid-Atlantic marketing manager with PNC. “We feel the company is well positioned for future success, and look forward to working with it to achieve its financial goals.”
PNC will also provide treasury management solutions for Modern Group, including collection and disbursement accounts, image lockbox, PNC’s web-based cash management tool, ACH, wire transfers and disbursement services. PNC loans and treasury management products and services are provided by PNC Bank, N.A., a member of The PNC Financial Services Group, trading on the New York Stock Exchange as PNC.
PNC provides retail and business banking, residential mortgage banking, specialized services including corporate banking, real estate finance and asset-based lending, wealth management and asset management.
Based in Bristol, Pa., Modern Group is No. 54 on the RER 100.