First Capital Provides $3 Million to Transportation Agent Grid
First Capital announced that it has provided a $3 million asset-based credit facility to Transportation Agent Grid, LLP (TAG), a package and freight delivery service provider. The senior credit facility consists of a $3 million working capital revolver secured by accounts receivable.
First Capital was selected by the management of TAG to provide the credit facility because of its ability to create a flexible facility that allows T.A.G. additional liquidity to continue on its growth plan.
This transaction was sourced by David Braff and will be serviced by First Capital’s ABL Western region located in Los Angeles, and managed by ABL Western region manager Matthew Grimes.
“We recently were presented with opportunities that allow us to grow our service offerings to our current clients and expand into new markets,” remarked Joel Ritch, CEO of TAG. “First Capital was not only able to quickly tailor a facility to match our current needs, but one that would also see us through the future and provide us with the resources to capitalize on opportunities as they come available.”
David Braff, VP and BDO, stated, “TAG has successfully filled a unique niche in the delivery services market by providing excellent back office support to many customer-focused companies. We are happy to be able to assist in the company’s growth strategy and look forward to witnessing the success as the company grows.”
First Capital provides working capital financing ranging from $2 million to $25 million primarily to small and middle-market business owners with annual sales ranging from $10 million to $250 million.