Penco-Steady Growth in a Challenging Economy

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Press Release

Penco-Steady Growth in a Challenging Economy
Austin, TX (MultifamilyBiz.com) 3/4/2009

Despite economy's woes, national leader in multifamily reconstruction closes new round of financing to fund continued growth

Company Release: AUSTIN, March 3, 2009

In a difficult economy, some service providers continue to grow. Penco, Inc. (www.pencoinc.com), the nation's largest provider of reconstruction services to the multifamily industry, recently announced that it has completed a financing agreement geared toward funding the continuing growth of this mid-market, privately-held business. The financing, totaling approximately $10,000,000, is comprised of debt financing from Accent Capital and American Bank of Commerce, as well as shareholder-provided working capital.

Penco specializes in providing renovation and catastrophe restoration services to the multifamily industry. Robert L. Renneker, Chief Executive Officer of Penco stated, "We have outstanding lenders who have partnered with us to help us meet the increasing demands of our growing business. Our nearly 40 years in business have been spent building an enduring brand by making customer satisfaction our first priority. The apartment owners and management companies we serve are strategically positioned to perform well in this difficult economy; we're proud that so many choose Penco to help them reposition their properties."

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