First Capital Provides ABL Facility to PLM
First Capital announced it has provided a $5 million asset-based credit facility to PLM, a Modesto, CA-based producer of premium ice cream and frozen fruit confections distributed in both large big-box retailers and small grocery markets. The senior credit facility consists of a working capital revolver secured by accounts receivable and inventory.
First Capital was selected by PLM to provide the credit facility because of First Capital’s ability to create a flexible facility that would refinance the previous lender and provide additional availability. The proceeds will be used for working capital needs.
“We really applaud the team at First Capital for their ability to create a flexible facility that allows us to access the maximum value of our working capital,” stated Gary J. Sbona, CEO of PLM. “We have been fortunate to expand our customer base into large big-box retailers and need the additional availability to streamline our operations and achieve our growth strategy.”