Access Facility Supports Acquisition
Access Capital closed a credit facility comprising of a $2.4 million revolver and a $350,000 term loan. The transaction was structured in order to finance an asset purchase and provide ongoing working capital.
The facility enabled the company to pay legacy secured obligations, replace its factoring relationship with a revolving credit facility and finance the earn-out due to the former owner.
The borrower is a newly formed California company owned and managed by experienced staffing professionals. The acquired entity is a provider of staffing solutions, placing temporary personnel in clerical, technical and industrial positions.