First Capital Provides $9.5 Million to John B Rudy Company
First Capital announced that it has provided a $9.5 million asset-based lending facility to John B Rudy Company, a distributor of wire, cable and related connectivity products. The credit facility is collateralized by the company’s accounts receivable and inventory.
First Capital was selected as the working capital partner based on its ability to quickly structure a financing solution that provided additional working capital for the company to achieve its business strategy. The 63-year-old company has rebounded from the recession and needed a flexible package that would allow for sales growth in the future.
Mark Orlando, VP and BDO, stated, “We are excited to assist John B Rudy Company, a well-established business with a long successful history, in achieving its financial goals. First Capital was able to create a flexible financing solution that provided the company with the working capital it needs to execute their turnaround and growth strategies.”
“The First Capital team was able to provide the flexibility and terms we could not find from any other lender,” remarked John Rudy, president of John B Rudy Company. “We really appreciate their responsiveness and the extra effort they put into tailoring the facility to maximize the value of our assets and provide added liquidity for our business. With the flexible financing package provided, we are able to complete our turnaround and move forward with our growth strategy. We look forward to a long financing relationship together with First Capital.”
This transaction was sourced by Orlando and will be serviced by First Capital’s Western region located in Los Angeles, and managed by region manager Ron Garber and Western region ABL manager Matthew Grimes.
First Capital provides working capital financing typically ranging from $2 million to $15 million primarily to small- and middle-market entrepreneurs with annual sales ranging from $10 million to $250 million.