Daily News: September 26, 2014

Amerisource Closes $4MM Facility for Transportation Company

Amerisource Capital announced the closing and funding of a $4 million ABL working capital revolver, secured by A/R, for a regional trucking company based in Connecticut.

For several decades, the company has served the Northeast with award-winning freight and logistics services. In recent years, the company relied on internal cash from operations to expand and acquire new trucks and equipment, which has strained cash and resulted in working capital shortages.

“Transportation is a very important industry for Amerisource,” said Michael Monk, managing director. “We have decades of experience providing working capital to small and large fleets across the country, and I’m delighted that we were able to assist this company in continuing its growth objectives.”

Working in conjunction with an SBA lender providing term financing for the company’s fleet, Amerisource was able to refinance the company’s prior bank and provide an additional capital injection to meet the company’s working capital needs.