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Carter Morse & Mathias Announces $25 Million Financing of Cranston Print Works 

SOUTHPORT, Connecticut, September 9, 2011 -- Carter Morse & Mathias ("CMM") is pleased to announce the closing of a $25,000,000 debt financing for Cranston Print Works ("Cranston"). Funding was provided through a combination of a $19,500,000 of senior secured revolving facility provided by Wells Fargo Capital Finance and a $5,500,000 term loan provided by an affiliate of Woodside Capital Management. This combined financing allowed the company to refinance its existing debt and will provide sufficient working capital to allow the company to execute its multi-year business plan. 

Carter Morse & Mathias served as Cranston's exclusive financial advisor for the financing transaction. Cranston Print Works is a 200 year old ESOP owned company with diversified operations in Rhode Island, New York and Louisiana. The business is comprised of three distinct operations: the Chemical Division, operating as Bercen, Inc., that manufactures and sells specialty chemical products, particularly alkyl succinic anhydride (ASA) and specialty coatings for use in the paper making, paper coating and paper converting industries; the Textile Division that designs, markets and sells branded and licensed fabrics for quilting, craft and home decorative applications through mass merchants and independent retailers under owned, licensed and private label brands; and the Cranston Trucking Division which is a less than truckload (LTL) carrier serving the East Coast and California markets. 

Fred Rockefeller, President and CEO of Cranston, commented: "Cranston is a complex company, having evolved over many generations, that is well positioned for growth in all of its operating divisions. We are excited about our new relationship with these two institutional partners that recognize the opportunities in front of us and have the resources to provide the requisite capital to finance our plan." 

Frank Morse, Managing Director of CMM, explained, "We are honored that a long standing client engaged us again to facilitate such a critical strategic transaction. In this case the refinancing has been particularly gratifying because it was closed in the midst of serious economic uncertainty and an unusually challenging credit environment. This transaction is another example of our expertise in executing complex transactions, either financings or M&A, in the middle market."

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About Carter Morse & Mathias: 

Founded in 1987, Carter Morse & Mathias (www.cartermorse.com) is a full service investment-banking boutique that provides the highest quality corporate finance advisory services to outstanding closely-held entrepreneurial and middle-market companies.  CMM provides a full range of investment banking services, including sell-side advisory, raising capital, buy-side advisory, and valuation services.  CMM's Broker/Dealer affiliate, Carter Capital Corporation, is a FINRA member firm registered with the SEC and SIPC.  CMM is also a charter member of AICA, an international network of M&A professionals in over 20 countries across the Americas, Europe, Asia and the Middle East.  For more than 24 years, CMM professionals have helped hundreds of business owners to conceive, initiate, structure and close M&A and financing transactions.  

For more information, please contact Frank Morse at fmorse@cartermorse.com or Ramsey Goodrich at rgoodrich@cartermorse.com.