Advantage Capital invests $7.5 million in FIAT products in Somerset
Summary
Advantage Capital, a venture capital firm, small business lender, and impact investor announced a $7.5 million investment in FIAT Products to finance an acquisition that will transition the company to an American-owned business, allowing it to expand in Somerset through product and job growth as well as community involvement. The company expects to bring at least 63 local positions to the area in the next three years.FIAT, a manufacturer of terrazzo mop basins, shower floors, and laundry tubs currently occupies a 268,000 sq. The company is also the market leader in the U.S. light commercial plumbing product space.This financing could not be more important, said Joe Poskin, Owner and CEO. With this acquisition, we are able to onshore the ownership of the company and make sure we are able to preserve important jobs here in the Somerset community.The financing was made in connection with the Kentucky New Markets Development Program (NMDP). New Markets made a substantial investment of $7.5 million to bring the FIAT Products manufacturing plant to Somerset and the jobs it will provide will boost our communitys economy.