AloStar Assists Retail Service Provider DAVACO With Credit Facility
AloStar Bank of Commerce has provided a new credit facility to DAVACO, a provider of turnkey retail and restaurant service solutions.
The AloStar Bank team was led by director Scott Simmons in Texas. Assisting on the deal were managing director of Underwriting Mike Lapresi, managing director and head of Portfolio Management Susan Hall and managing director John Rosin.
Dallas-based DAVACO assists national and regional retailers and restaurants with brand, product and concept introductions, product resets and interior and exterior refreshes. DAVACO’s services allow its clients to outsource essential, time sensitive marketing implementations nationwide. The company also supports retailers and restaurants with remodeling, rebranding same-store locations, and a number of other interior renovation and design services.
“The retail sector is re-energizing consumer spending by introducing new products, updating brands and refreshing or adding to franchise concepts. DAVACO’s tenure and track record of delivering quality services on time ideally positions them to benefit from this trend,” said Andy McGhee, president of AloStar Business Credit. “At the same time, the company’s management team recognized a need for a lending relationship that can support the extreme growth that accompanies a high level of capital expenditure and market investment by DAVACO’s national and regional clients.”
“We selected Alostar because they provided the working capital relationship that offered the most flexibility and availability necessary to support and execute our strategic plans,” said Rick Davis, founder and CEO of DAVACO. “We felt Alostar’s unique business model as an Internet-based bank mirrored DAVACO’s commitment to technology and was the best choice to meet our ever-changing business needs. Andy and his team assessed the opportunity, offered the right structure, quickly closed and provided funding so we could take advantage of immediate opportunities.”
AloStar Business Credit provides asset-based lending products nationwide to businesses ranging between $20 million and $300 million in revenue and with financing needs ranging between $5 million and $20 million.