First Capital Provides ABL Facility to Produce Wholesaler
First Capital announced it provided a $7 million ABL facility to a produce wholesaler of vegetables for domestic and foreign markets. The facility includes a revolver secured by A/R and inventory.
First Capital was selected by the company’s management because of its ability to create a flexible facility that provided more liquidity and to close the deal within a short time frame. Proceeds will be used for working capital needs.
David Braff, VP and business development officer, stated, “The whole First Capital team pulled together to get this deal done. Not only were we able to complete the deal within 30 days, but we were also able to maximize the company’s working capital that will help to reach its growth strategy.”
The transaction was sourced by David Braff and will be serviced by First Capital’s ABL Western Region in Los Angeles, and managed by Matthew Grimes, ABL Western region manager.