Project Meridian — Executive Teaser
Sector: Transportation & Logistics | HQ Region: Northern Illinois / Gulf Coast | Transaction: Three-tranche debt restructuring — term debt consolidation, ABL introduction, and PropCo separation
SECTION I — Investment Highlights
- Scale with margin discipline: $109.4M TTM revenue across a vertically integrated platform spanning trucking, logistics, warehousing, and fuel services — operating since 1995 with 30 years of continuous growth.
- Fragmented debt is the opportunity: 18+ discrete equipment and real estate facilities currently carry a blended cost that the Advisor estimates can be reduced by $4.3M per year through consolidation into 2–3 institutional facilities.
- Identified real estate equity: Owned Illinois industrial properties carry a stabilized appraised value supporting a PropCo carve-out expected to unlock $31.2M of equity, refinanced at 6.25–6.75% IO versus a current 9.0% IO rate — a meaningful cash-on-cash improvement.
- Liquid receivables base: $11.5M in accounts receivable supports a $6–10M ABL facility currently absent from the capital structure; the Company operates with no revolving credit today.
- EBITDA supports coverage: $11.5M Adjusted EBITDA on $109.4M revenue (10.5% margin) provides debt service coverage headroom across all three proposed facilities simultaneously.
- Execution-ready: CIM finalized; Phase 2 outreach active across 25+ lender targets; financial reporting consolidated across 13 operating entities with auditable monthly P&L by entity.
SECTION II — Financial Snapshot
| Metric | FY 2023 | FY 2024 | TTM / FY 2025 |
|---|---|---|---|
| Revenue | ~$87.0M | ~$109.4M¹ | $109.4M |
| Gross Margin | — | — | Available in CIM |
| Adjusted EBITDA | — | — | $11.5M |
| EBITDA Margin | — | — | 10.5% |
Lender Presentation Note: Full 13-year income statement, entity-level rolling P&L through December 2025, and a December 31, 2025 balance sheet are available under NDA. Gross margin by segment is disclosed in the CIM. FY 2024 revenue figure reflects the 26% YOY growth reported in the Company's internal summary financials; the Advisor will confirm audited figures upon request.
¹ FY 2024 revenue derived from internal 13-year summary; TTM 2025 per mandate brief. Lenders should request the full financial package for period reconciliation.
SECTION III — Capital Sought
The Company is seeking three coordinated credit facilities totaling approximately $67–71M in aggregate commitments. The structure is designed to eliminate lender fragmentation, introduce a working capital revolver, and optimize the cost of real estate debt through entity separation. All three facilities are expected to close concurrently or on a rolling 60-day basis.
| Facility | Target Size | Primary Use of Proceeds |
|---|---|---|
| Term Debt Consolidation (Equipment + RE) | ~$50.4M | Retire 18+ existing equipment and real estate obligations; reduce annual debt service by est. $4.3M |
| Asset-Based Revolver (ABL) | $6–10M | Working capital; drawn against $11.5M AR base |
| PropCo Mortgage (IO) | ~$31.2M | Refinance owned IL industrial real estate into separated PropCo entity at 6.25–6.75% IO |
SECTION IV — Process & Timing
ERAH Capital Advisors is managing a structured dual-track lender process with Phase 2 outreach currently active across 25+ targeted institutions, including regional banks, national equipment finance platforms, and CMBS/bridge lenders for the PropCo tranche. The Advisor will coordinate site visits and management calls upon execution of NDA and delivery of the full financial package.
Indicative term sheets requested by March 28, 2026.
ERAH Capital Advisors | February 2026 | Strictly Confidential — Not for Distribution