Ladrigan Management Arranges Financing with East West Bank in Support of Element Partners’ $15 Million Recapitalization of Detechtion Technologies
Ladrigan Management (“Ladrigan”) announced today that it has arranged a $15 million credit facility with East West Bank (“EWB”) in support of Element Partners’ investment in Detechtion Technologies (“Detechtion”).
Detechtion is the market leading asset optimization and smart solutions provider in Upstream Oil & Gas, saving customers millions of dollars per year in expenses by enabling them to operate more efficiently, as well as operating more safely and environmentally. Detechtion leads the digital transformation and optimization of natural gas compression, oilfield chemicals, and other production operations with Asset Performance Management (APM), Industrial Internet of Things (IIoT) and Mobile solutions. Since 1999, thousands of users have depended on Detechtion to optimize over 10,000 assets worldwide.
Detechtion CEO Chris Smith said, “Detechtion is a differentiated software as service (“SaaS”) provider with an exceptional track record of client satisfaction driven by deep technical expertise and measurable, data-driven results. We are excited to partner with Ladrigan and EWB on the transaction as we grow the Detechtion platform.”
EWB, the largest publicly traded bank headquartered in Southern California, provided the financing. Reza Sabahi, Senior Managing Director of Commercial Capital added, “Detechtion is an exciting investment opportunity for East West Bank and a strong fit given our experience lending to high-growth SaaS businesses.”
Tom Walsh, Managing Director at Ladrigan, added, “We are pleased with the opportunity to partner with Detechtion and our ability to support Chris and James with their ongoing success. Detechtion has proven to be a value-added SaaS company and we appreciate connecting with EWB and supporting the business towards its continued growth.”
About Ladrigan Management:
A lower middle market Debt Capital Markets (“DCM”) Advisory, Ladrigan Management has deep experience on both sides of the table in DCM negotiations. Ladrigan executes an institutional quality product while addressing the DCM pain point – acting as a time saver for PEGs and relieving bandwidth challenges.
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