Noble Iron Boosts Revenue, Obtains New Financing

March 25, 2013

Noble Iron posted 2012 revenues of more than $16 million, an increase of more than 100 percent compared to 2011, with 2012 being the first full calendar year of the company operating in the equipment rental and dealership business. Noble Iron announced preliminary 2012 full year revenue, and said it will post its full year audited 2012 results before the end of April.

Also the company received financing terms from its current lender – Regions Bank – for an additional $15 million asset-based lending facility to support growth at its Texas operations.

Combined borrowing facilities for Noble Iron’s Southern California and Texas operations total $40 million. Financing terms of the $15 million Texas debt facility aree similar to those of the company existing $25 million Southern California facility.

“Noble Iron ventured into the equipment rental and dealership industry in August 2011 in Southern California, and in Texas in July 2012,” said Willie Swisher, Noble Iron CEO. “The company’s performance in two markets has already begun demonstrating the potential of the Noble Iron model, a different and better operating platform in the equipment industry. In its first full year of operations, the company’s Southern California CELL (centralized equipment logistics location) achieved revenues in excess of $10 million and EBITDA exceeding $3 million on a standalone basis.

“This new debt financing will provide Noble Iron with significant borrowing capacity for growth in existing CELLS. We are pleased to work with our lending partner, Regions Bank, and will continue to pursue expansion in strategic markets throughout North America.”

Noble Iron, headquartered in Houston, operates in three sectors: equipment rental, equipment dealership and enterprise asset management software for the construction and industrial equipment industry, operating as Texada Software, Guelph, Ontario. Noble Iron operates rental and dealership locations in California and Texas.