First Capital Provides $3MM Facility to Master Tile
First Capital said it has provided a $3 million revolving line of credit to Master Tile Network, an independent pool tile distributor. The senior credit facility consists of a $3 million working capital revolver collateralized by accounts receivable and inventory.
First Capital said it was contacted by the parent company of Master Tile Network, because of its industry expertise in the building materials and supply industry. Master Tile is owned by a privately owned investment company with significant interests in North America, Europe, Asia and Africa. The company was searching for a lender that could provide a credit facility that was flexible enough to fund their existing needs as well as provide capital for anticipated growth.
“The First Capital team was able to understand how our company, and industry as a whole, had suffered through the recent recession,” remarked Greg Kirk, president of Master Tile Networks. “By spending time with our company and understanding our growth plans and strategy, First Capital was able to tailor a facility that would support our current financing needs as well as provide for anticipated growth.”
“First Capital is excited to partner with Master Tile to achieve their growth plan after rebounding from the housing and construction recession,” remarked Chris Gouskos, vice president of Business Development for the Texas Market of First Capital’s ABL Central Region.
“The company has realigned itself as a core supplier of pool tile and granite and stone countertops both in new construction as well as in existing homes. They have proven the strength of their business model in the market,” remarked Najeeb Baqui, assistant vice president of Business Development for the Houston Market of First Capital’s ABL Central Region.
This transaction will be serviced by First Capital’s ABL Central Region managed by John Curtis, EVP and ABL Central Region Manager.