on Thursday, June 1, 2023
May 9, 2023
FOR IMMEDIATE RELEASE
Tellus Equipment Solutions Announces Completion of $115 Million Credit Facility
Katy, Texas – Tellus Equipment Solutions ("Tellus"), a leading John Deere Agricultural and Turf dealer with 24 locations across South and Central Texas, announced that it has closed a new $115 million credit facility (the "Credit Facility"). The Credit Facility will provide the company with additional financial flexibility to invest in operations and pursue strategic acquisitions.
Tellus is a trusted partner to John Deere and operates in an exclusive territory which covers 51 Texas counties. The company provides equipment, parts, and service support to a wide range of customers, including farmers, ranchers, and commercial businesses.
"We take great pride in our reputation as a trusted partner of John Deere and as a leading provider of agricultural equipment and solutions in Texas," said Jeff Donaldson, CEO of Tellus. "This Credit Facility will allow us to make further investments in our employees and facilities while also improving our capabilities and business processes to better serve our customers."
In addition to investing to improve its existing business, Tellus plans to pursue strategic acquisitions to grow its footprint. Investments will include training and development programs for employees, facility improvements, and capability building. The company is committed to providing exceptional customer service, knowledgeable staff, and top-quality agricultural equipment and solutions for its customers.
"Given the recent instability and tight credit conditions in the banking sector, we are thrilled with the closing of this Credit Facility in terms of pricing, sizing and participation achieved. This is a testament to the confidence in our company and growth strategy," said Anthony Willis, Managing Director of Cardinal System Holdings, the parent company of Tellus. "We look forward to building Tellus both organically and through strategic acquisitions.”
The Credit Facility has a five-year maturity and an accordion feature to provide additional funding for future acquisitions. The Credit Facility was arranged by Truist Securities, Inc. as Lead Arranger and Sole Bookrunner. Hancock Whitney and Northern Trust also participated in the Credit Facility.
TELLUS – WE TEND TO TEXAS
About Tellus Equipment Solutions
Tellus Equipment Solutions, headquartered in Katy, Texas, is a family-owned authorized John Deere Agriculture and Turf dealer, operating 24 full-service dealerships across 51 exclusive counties in South and Central Texas. The company provides agriculture, turf and compact construction equipment, parts, and service support to various customers, including farmers, ranchers, homeowners, and commercial businesses. For more information on Tellus, visit www.tellusequip.com and find Tellus on Facebook and LinkedIn.
About Cardinal System Holdings
Established in 2014, Cardinal System Holdings ("Cardinal") is a family holding company with operations in consumer goods, heavy equipment, real estate, and other business ventures. Cardinal is a strategic partner with two of the world's most recognizable brands - "Coca-Cola" through its ownership of Coca-Cola Beverages Florida and "John Deere" through its ownership of Tellus Equipment Solutions. As an active owner, Cardinal combines its entrepreneurial approach and operating expertise to build multigenerational family businesses that consistently generate profitable growth and strong returns. In 2022, Cardinal-owned businesses generated more than $2 billion in revenue and employed over 5,000 people.