Lawrence Financial Completes Five Transactions in Q4/12
Lawrence Financial Group closed five transactions in the fourth quarter of 2012, with commitments of more than $10 million.
A working line of credit was provided by FSW, a partner with Lawrence Financial, to Power Engineering Industries of Carson, CA. A 40-year-old firm, Power designs and engineers items such as inductors and power conversion products. By using its line of credit, Power can expand its growing business servicing electrical and mechanical engineers.
The North American distributor for Fedders Airwell has received in excess of a $5 million line of credit to provide extended dating on invoices to its customers. Fedders, founded in 1896 in New Jersey, manufactures air conditioning and heating products, including portable units. This working capital facility will allow the firm to grant up to 180 terms on seasonal items.
Eagle One Golf Products of Anaheim, CA, closed on a $2.7 million working capital line of credit. Eagle, a 20-year-old division of the Golf Supply House of Canada, will use the financing for expansion. It is secured by inventory and accounts receivable. Eagle manufactures and distributes products used by golf courses, tennis clubs and other outdoor recreation operations.
A six-figure funding facility was closed for Bullock Associates, Inc., Los Angeles. Bullock, founded in 2004, provides professional engineering services, primarily for public works projects. Financing was provided for Bullock’s contract to expand the 405 freeway widening undertaking.
Extreme Drilling Solutions (EDS) of Woodward, OK, received a six-figure line of credit. EDS is in the business of offering fluid engineering services to oil and petroleum companies. EDS has developed a bio-stable lubricant for oil and gas operators.
Lawrence specializes in providing asset-based financing including loans secured by accounts receivable and inventory, as well as term loans on equipment and intellectual property.