First Capital Provides $8.5 Million ABL to Anpesil
First Capital announced that it has provided an $8.5 million asset-based senior credit facility to Anpesil, a master candy, cookie and grocery wholesaler servicing the New York and New Jersey metropolitan area. The senior credit facility is collateralized by accounts receivable and inventory.
The company had been recapitalized by Praxis Partners in 2005, which since that time has created a strong management team and growth strategy. First Capital was selected as the working capital partner based on its ability to create a financing structure that would replace previous financing commitments with access to more liquidity and the ability to grow as the client’s business plan develops.
“We were referred to First Capital for their ability to provide the flexibility and terms we could not find from any other lender,” remarked Jim Parrino, managing director at Praxis Partners. “Anpesil was in the process of completing a reorganization of its business and financing structures and needed a lender that could create a flexible financing facility to carry the company through the process and onto future growth. We look forward to a long financing relationship together with First Capital.”
This transaction was sourced by Mark Pickering and will be serviced by First Capital’s Eastern ABL region, managed by John Nooney and located in Atlanta.
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.