Daily News: June 3, 2014

First Capital Provides $12MM Revolver

First Capital announced it provided a $12 million revolving line of credit to Neopart. The senior credit facility consists of a $12 million working capital revolver collateralized by accounts receivable and inventory.

First Capital was referred to the company because of First Capital’s ability to refinance the previous lender and also create a facility that would provide working capital for growth and additional market opportunities.

Michel Lynch, vice president and business development officer, stated, “Neopart has significant market share in major geographic areas and needs the responsiveness and flexibility of an independent lender in order to quickly respond to customer inventory requirements and demands.”

This transaction will be serviced by First Capital’s ABL Central Region managed by John Curtis, EVP and ABL Central Region Manager.

Neopart provides Vendor Managed Inventory services and parts in support of public transit fleets.