NEW YORK, Jan. 6, 2022 /PRNewswire/ — Tiger Finance has closed on a $13.75 million term loan for Waller, Texas-based Laney Directional Drilling—a full-service trenchless construction and engineering firm known for its highly complex drilling operations on major infrastructure projects.
The transaction, which closed on December 27, comes at a time of increased demand for Laney’s specialized services, said David Kennedy, Senior Associate, Tiger Finance. "After decades in the oil and gas sector, Laney Directional Drilling expanded its focus to assisting owners, contractors, municipalities, project developers and engineers with long, complex and challenging trenchless crossings on infrastructure projects in the power, wind and water sectors," he noted.
The company specializes in Horizontal Directional Drilling, a trenchless method of installing pipelines and conduits, as well as the Direct Pipe Method®, which is ideal for crossings under levees and environmentally sensitive areas, as well as for outfall or shore approach applications.
To date, Laney has completed 2,800 trenchless crossings and more than 1,000 miles of trenchless pipeline installations.
"We are excited to partner with Tiger for the next phase of growth at Laney," said Jim Katosic, Senior Vice President and Chief Financial Officer at Laney. "Tiger recognized the potential in the sector for the foreseeable future and provided the necessary liquidity to meet the pending demand for our services."
"Laney has all the in-house expertise needed to carry out the engineering, spec work and execution on highly specialized, complex infrastructure projects," said Bob DeAngelis, Executive Managing Director at Tiger Finance. "They are well positioned for growth and this transaction is an excellent example of how Tiger’s understanding of the sector and assets provided the best structure to support that growth."
Tiger Finance is a division of Tiger Capital Group, which specializes in the provision of secured debt financing and equity investments, as well as comprehensive appraisals for the ABL industry and the disposition of consumer and industrial assets.
SOURCE Tiger Group