Daily News: April 22, 2014

First Capital Provides $20MM Gulf Packaging Credit Facility

First Capital announced it provided a $20 million revolving line of credit to Gulf Packaging, a national distributor of packaging supplies and equipment.

In addition to refinancing the previous lenders, proceeds were used to finance the consolidation of various affiliates that will allow Gulf to streamline operations and take advantage of larger market opportunities.

Harry R. Novak, SVP and regional business development manager for the Chicago market office, stated, “Gulf Packaging is the type of company that can benefit significantly from the lending programs First Capital provides as a privately owned non-bank lender. We were able to provide Gulf Packaging more working capital to support them in achieving their growth strategy.”

“The First Capital team worked overtime to create a financing facility with the size and flexibility for us to realign our business strategy,” remarked Arman Sarkisian, CEO of Gulf Packaging. “With this new facility we will be able to service larger national customer programs and leverage our buying power.”

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