Next Inc. has signed a $10 million equity line with Boston-based Dutchess Private Equities Fund, LP. According to the company, the funds will be used as needed for working capital and synergistic and profitable acquisitions. Under the terms of the agreement, Next may elect to receive as much as $10 million from Dutchess in common stock purchases over the next three years at the option of the company.
Charles Thompson, CFO of Next Inc. stated, “We are extremely impressed with the Dutchess track record and view them as an excellent partner for our future development activities. Given our historically strong organic growth rate and ability to make accretive acquisitions, we may have the opportunity to grow the company faster than internally generated cash flow will permit. This commitment allows us to gain equity financing, if and when we need it, to take advantage of that opportunity for the company and its shareholders.”
