First Capital Provides ABL to Xenon Arc
First Capital announced that it provided a $9 million asset-based lending facility to Xenon Arc. The senior credit facility consists of a working capital revolver collateralized by accounts receivable and inventory. Xenon Arc is a portfolio company of private equity group Weston Presidio.
“We are excited to provide this financing to support such a strong management team and quality equity sponsor,” said Mark Orlando, senior vice president at First Capital. “Our team worked quickly to gain approval and close the loan to provide added liquidity for Xenon Arc’s business growth.”
Chad Steigers, president of Xenon Arc, stated, “First Capital was able to create a scalable line that is able to both expand on our current facility, as well as support our rapid growth rate going forward. First Capital is a great fit for us, both financially and culturally, and we look forward to a long term, mutually beneficial partnership.”
Josh McDowell, partner of Weston Presidio, indicated, “First Capital was responsive and showed flexibility throughout the process to tailor a financing package that was the best solution for us at Weston Presidio and Xenon Arc. We are happy to have First Capital support our growing portfolio company and hope to have many future opportunities to work together.”
Xenon Arc was founded in 2010, and is dedicated to building a portfolio of technology-enabled business process solutions specifically configured for large industrial producers globally.