Daily News: September 25, 2013

First Capital Provides $8MM ABL to Global Transportation

First Capital announced that it provided an $8 million asset-based lending facility to Global Transportation Services. The senior credit facility consists of an $8 million working capital revolver collateralized by accounts receivable.

First Capital was selected as the working capital partner based on its ability to structure a financing solution that provided additional working capital for the company to achieve its growth strategy. Proceeds will be used as part of a management buyout and for working capital needs.

Chris McKernan, vice president and business development officer, stated, “We are excited to work with Global Transportation Services as they enter the stage of their growth plan. The management team has the experience and qualifications to take the company to the next level.”

“We needed to find a lender that would provide the flexibility for us to take control of our business,” stated Jason Totah, president and CEO of Global Transportation Services. “The team at First Capital really took the time to understand our business and create a financing package that would allow us the maximum working capital to continue on our growth plan.”

This transaction was referred to Christopher McKernan in First Capital’s Seattle office and will be serviced by First Capital’s ABL Western Region in Los Angeles, and managed by Matthew Grimes.