For 36 years, Rick Comstock grew Comstock Industries in Meredith from a startup into a diversified machine shop that provided specialized capabilities to local and regional manufacturers. By 2016, he was ready to retire. A Connecticut-based executive, Stephane Anglade, was looking to start a rewarding next chapter in his career. In Comstock Industries, he thought he found the perfect fit.
Stephane had equity to invest in the company’s purchase, and obtained a bank’s commitment to finance the rest of the transaction. At the last minute, though, the appraised value of the collateral was less than expected and the bank could not lend the full amount needed.
Why VFG made this investment
We believed in Stephane’s management experience and philosophy and thought he was the right leader to guide Comstock Industries to a new phase of growth and development. Also, the company’s history of positive financial performance indicated that it could support the proposed debt load. The Community Loan Fund felt comfortable making an unsecured investment.
Since our investment, Stephane has continued to build on Comstock Industries’ strong foundation and is pursuing new sales opportunities in a diverse array of industries.
Comstock Industries website