Daily News: January 4, 2018

Celtic Capital Closes Two Transactions Totaling $5MM

Celtic Capital completed two transactions totaling $5 million for two new clients.

The first transaction involved a commercial bakery in California. The company had completed an acquisition in early 2017 that led to covenant violations resulting from issues related to the integration of the businesses. Celtic stepped in with a $3 million accounts receivable line of credit to take out the existing bank and handle the expected growth resulting from the expanded business.

A full-service facilities management service provider in California had recently combined four separate businesses into one consolidated entity. The company handles specialized staffing, landscaping, janitorial services, painting and other property management support services for hospitals, apartment complexes and other residential property complexes. The company needed to consolidate its financing and expand its line of credit to handle the new consolidated entity. Celtic provided a $2 million accounts receivable line of credit to meet those needs.