First Capital Provides $16.6MM Facility to Lee Masonry Products
First Capital announced it provided $16.6 million in credit facilities to Lee Masonry Products, a distributor and manufacturer of concrete masonry products for residential and commercial construction.
The senior credit facility consists of a $12 million working capital revolver collateralized by accounts receivable and inventory and $4.6 million in term loans collateralized by machinery, equipment and real estate.
“We believe First Capital and its longevity and reputation in the market and its ability to structure a flexible financing program is the best choice for Lee Masonry as we continue to grow and expand in the market,” remarked Carol Lee, president and CEO of Lee Masonry.
“First Capital is pleased to provide Lee Masonry, a regional leader in the building materials business for many years, and its management team with the capital they need to continue to grow their business and capitalize on market opportunities,” said Rick Lehrter, VP of Business Development in First Capital’s ABL Central Region.
Lehrter continued, “For the last 25 years, First Capital has provided middle-market companies with working capital solutions to continue to expand their businesses. Our financing solutions and customized and flexible loan structuring allow our clients to service their constituents and expand their business, something we professionally value in providing.”
First Capital provides asset-based working capital financing primarily to small and middle-market business owners.