Lawrence Financial Funds $25MM in Q2
Lawrence Financial Group announced second quarter funding’s with a total of $25 million. These financing transactions involved re-financing of existing debt structures as well as capital made available for expansion and growth.
Industry, CA-based Sea Catch Seafoods received a $15 million working capital revolving line of credit. The creatively structured debt placement included an ABL secured by A/R plus a supplementary line based on inventory valuation. Sea Catch, founded in 1999, distributes more than 500 different products, including prepared fresh and fresh frozen sea food. The company’s warehouse exceeds one million cubic feet. Primary customers are major supermarket chains such as Safeway. The funding assisted Sea Catch in its refinancing and will also be used for growth and expansion.
Sabor Hispano Foods, based in Vernon, CA, obtained $2 million financing facility from our joint venture FSW Funding. Sabor manufactures and distributes numerous ethnic foods including mole poblano, flan, Mexican cream and varieties of salsa and other sauces. Financing was needed to allow the 2 year old firm to continue its rapid sales growth. The line was secured by accounts receivable from its major grocery store accounts.
Catalyst Prep, Santa Monica, CA, was granted a mezzanine sub-debt term loan. The company, founded in 2005, specializes in SAT test preparation as well as academic tutoring. Catalyst serves 15,000 students in 12 states through its 200 class locations. To reach its target market, Catalyst needed funding to utilize its strategy of pop culture.
World Tech Toys accepted a seven-figure revolving credit from FSW Trade Finance to support seasonal inventory growth. The firm was founded in Santa Clarita, CA. It designs manufactures and distributes remote control products such as cars trucks helicopters. Previously, Lawrence assisted getting company line based on A/R purchase orders.
Arrowood Holdings, Norman, OK, was provided term debt secured by its real estate properties. Arrowood is involved in oil and gas projects in and around Oklahoma oil fields. This transaction was funded in 10 days.