Irving, TX (PRWEB) February 15, 2008
Sportexe Construction Services of Irving, TX recently acquired a $10 million line of credit from Wells Fargo Business Credit, a division of Wells Fargo Bank, N.A. The transaction was negotiated through Insight Equity of Dallas, TX, owners of Sportexe beginning February 2007.
Wells Fargo Business Credit is a leading provider of asset based lending, factoring and debtor-in-possession financing. John Wattinger of Wells Fargo Business Credit is pleased with the transaction. "We are excited to close the Sportexe transaction," he said. "I have worked with Insight Equity on a number of deals and feel comfortable with the leadership and direction that Insight Equity provides. I believe that Sportexe management is heading in the right direction and will remain a major player in the synthetic turf industry for many years to come."
Sportexe Chief Executive Officer, Stephen Noe is equally pleased with the completion of the transaction. "All of us at Sportexe are very pleased with our new relationship with Wells Fargo both for the financial flexibility they provide as well as their endorsement of our current financial position and the confidence in our plan going forward. We look forward to a long relationship," said Noe.
Sportexe® is dedicated to delivering high quality synthetic turf systems to each and every client. As an acknowledged leader in the industry, the U.S Company prides itself on delivering products that feature the latest in innovation and superior engineering with an emphasis on research and development. Currently Sportexe is the exclusive or official turf system supplier for The Arena Football League, (AFL/AF2), National Lacrosse League (NLL), Major Indoor Soccer League (MISL) and the U.S. Indoor Soccer Association. Sportexe is also a FIFA Quality Concept Licensee and turf provider for FIFA 1-Star and 2-Star facilities. Sportexe has been in the business of supplying quality sports surfacing solutions for 17 years.