Rand Capital SBIC, Inc., Advantage Capital Partners, Environmental Liability Transfer and Frank Cordie Combine to Create Missour
June 07 2010 - 4:14PM
Mid America Brick President and CEO Frank Cordie announced the
completion of financing that will be used to re-open the former
A.P. Green brick plant in Mexico, Missouri. Mid America Brick will
re-commission and operate from the former facility on the 100th
anniversary of its 1910 founding.
A.P. Green Refractories was once among the largest fire brick
manufacturers in the world. Mid America Brick will produce
face brick for residential and commercial construction at the
manufacturing plant. When fully operational, Mid America Brick
will create up to 80 new jobs and initially produce over 60 million
bricks per year.
Advantage Capital Partners of St. Louis provided leadership in
assembling the debt financing. Environmental Liability
Transfer contributed the 500,000 square foot manufacturing facility
and 100 acre site, and Rand Capital provided leadership in the
equity funding.
Mr. Cordie also noted, "Mid America Brick has assembled an
outstanding team of brick industry veterans with over 200 years of
experience to operate what will be Missouri's largest face brick
plant. This team and our central location will enable us to
produce quality products and distribute them cost-effectively
throughout the Midwestern United States. To further enhance
these competitive advantages, Mid America Brick will provide
superior customer service." Mr. Cordie expects to begin production
by the spring of 2011.
"We are thrilled to join our partners and management team to
create Mid America Brick. When completed, this will be the
largest and newest brick plant in the region," stated Allen F.
Grum, President of Rand Capital.
ABOUT RAND CAPITAL
Rand Capital (Nasdaq:RAND) is a publicly held Business
Development Company (BDC), and its wholly owned subsidiary is
licensed by the Small Business Administration (SBA) as a Small
Business Investment Company (SBIC). Rand and its subsidiary
provide capital and managerial expertise to small and medium sized
private companies primarily located in the Northeast U.S. Rand
is traded on the NASDAQ under the symbol "RAND". Rand is
headquartered in Buffalo, NY. www.randcapital.com
CONTACT: Rand Capital Corporation
Investor Contact:
Allen F. Grum, President
716.853.0802
pgrum@randcapital.com
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