Daily News: April 22, 2013

Lawrence Financial Provides More Than $13MM in Q1/13

Lawrence Financial Group closed four transactions in the first quarter of 2013 totaling more than $13 million.

Cosby Oil Company obtained a working capital line of credit of $5 million to fund its expansion and growth. The multi-year term commitment from a bank will allow the company to continue its successful operations.

Cosby, based in Santa Fe Springs, CA, was founded by Bill Cosby and has been continuously family owned and operated since its founding. Cosby is a member of both the American Fuel and Voyager Networks distributing Phillips 66 diesel, lubricants and gasoline. Its clients include movie studios, hospitals and quick change oil service centers.

In a second transaction, a senior line of credit of $6 million was provided to a major California-based merchandising service firm. The firm provides products for clients such as Knott’s Berry Farm, Chuck E. Cheese and the San Diego Zoo.

Its services include importing, merchandising, entertainment, retail and related consumer goods. The company also operates prize redemption centers in certain of its customers’ facilities. Funding provided will allow the firm to expand its operations nationally.

A third transaction was a $2 million term loan to Commerce, CA-based Wire Tech. Wire Tech distributes stainless steel, carbon and alloys to clients including aerospace companies, automotive and related industrial entities.

Wire Tech’s distribution network includes domestic customers as well as those in Mexico, Canada, Europe and Asia. Its specialty is cold heading quality steel and wire products.

Additionally, an accounts receivable line of credit was provided by FSW Funding, a partner of Lawrence Financial, to San Diego, CA-based Coffique. The company manufactures and distributes single serve pod holders for products such as Keurig’s K cups. The line of credit will allow Coffique to import and distribute its products to big box retailers such as Target.

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.