SAN JOSE, Calif.--(BUSINESS WIRE)--
Avidbank Specialty Finance, a Division of Avidbank that specializes in
technology, sponsor finance and asset-based lending, has provided School
of Rock, Inc. (“SOR”) a line of credit and term loan to help bolster the
company’s plans for growth.
Founded in 1998 and headquartered in Canton, Massachusetts, SOR is a
global leader in performance based music education, offering a variety
of dynamic music instruction and artist development programs to engage
students of all skill levels. Currently, SOR has 207 schools in the U.S.
and abroad.
SOR is majority-owned by Sterling Partners, a private equity firm
headquartered in Chicago, Illinois. The facilities provided by Avidbank
were put in place to furnish working capital and to support the
anticipated growth.
"We have strong momentum and ambitious goals, which include accelerating
our same-school growth, filling out existing markets and expanding our
global footprint beyond our ten current countries," said Rob Price,
School of Rock CEO. "We look forward to the additional flexibility that
our relationship with Avidbank will provide."
“School of Rock is an ideal example of the type of business that
benefits from our brand of innovative financing solutions,” said Larry
LaCroix, Executive Vice President and Head of Avidbank’s Specialty
Finance Division. “We truly appreciate their confidence in our team and
the opportunity to help them build on their remarkable past successes.”
About Avidbank
Avidbank Holdings, Inc. (OTC Pink: AVBH), headquartered in San Jose,
California, offers innovative financial solutions and services. We
specialize in commercial & industrial lending, technology and
asset-based lending, specialty finance, real estate construction and
commercial real estate lending. Avidbank provides a different approach
to banking. We do what we say.
About School of Rock
School of Rock helps aspiring musicians master skills, unleash
creativity and develop tools they need to thrive in life. Founded as a
single school in Philadelphia, PA in 1998, School of Rock has grown its
student count from 4,000 in 2009 to over 27,000 today. School of Rock
has proudly been ranked among children's franchises as the No. 1 Child
Enrichment Program by Entrepreneur magazine in 2017 and 2018. Follow
School of Rock on Facebook at www.facebook.com/SchoolofRockUSA
and on Twitter at www.twitter.com/SchoolofRockUSA.
For more information on School of Rock visit www.SchoolofRock.com
or call 866-695-5515. To learn more about School of Rock franchise
opportunities head to http://franchising.schoolofrock.com/
About Sterling Partners
Sterling Partners is a private equity firm with a distinct point of
view on how to build great companies. Founded in 1983 and having
invested billions of dollars, Sterling is guided by its stated purpose,
INSPIRED GROWTH®, which describes Sterling’s approach to investing in
differentiated businesses and growing them in inspired ways. Sterling
provides valuable support to the management teams of the companies in
which the firm invests through a deep and dedicated team of
professionals, including a strong network of outside directors and
advisors. The people at Sterling believe in ideas and ideals, in people
and in partnerships that drive long-term success. For more information,
visit: www.sterlingpartners.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180403005375/en/
Avidbank Holdings, Inc.
Steve Leen, 408-831-5653
Chief
Financial Officer
www.avidbank.com
Source: Avidbank Holdings, Inc.